Norway’s Equinor Offloads Stake in Brazilian Oil Field for $3.5 Billion

Equinor ASA agreed to sell its 60% stake in the Peregrino oil and gas project off the Brazilian coast to PRIO SA for $3.5 billion, as the Norwegian energy explorer seeks to streamline international operations. Rio de Janeiro-based PRIO gained.

Brazilian firm Prio Tigris Ltda., a subsidiary of PRIO that bought Sinochem Group Co.’s 40% stake in the development last year — will take over operations at the close of the transaction, Equinor said in a statement. Payment will be split into two, the first at signing and the second around when the deal closes.