Equinor

M&A Activity • May 2, 2025

Equinor sells the Peregrino field for USD 3.5 billion

Equinor sells the Peregrino field for USD 3.5 billion

Equinor Brasil Energia Ltda., a subsidiary of Equinor (OSE: EQNR, NYSE: EQNR),

has entered into agreements(1) with Brazilian company Prio Tigris Ltda., a

subsidiary of PRIO SA (PRIO3.SA) for a sale of its 60% operated interest in the

Peregrino field in Brazil.

PRIO, Brazil's largest independent oil and gas company, will pay a consideration

of USD 3.35 billion and a maximum of USD 150 million in interest to Equinor for

the transaction. The final cash payment will reflect the closing date and any

deductions generated by the asset since the effective date, which is 1 January

Equinor will be responsible for operations of the field until closing of the

transaction, after which PRIO will take over operatorship.

"With this transaction we realise value from a long-standing asset in our Brazil

portfolio. Brazil will continue to be a core country for Equinor, as we focus on

starting up the Bacalhau field and continue progressing the Raia gas project.

With these two operated projects and our partnership in Roncador our equity

production in Brazil will be close to 200,000 barrels per day by 2030," says

Philippe Mathieu, Executive Vice President for Exploration and Production

International at Equinor.

"This deal is part of Equinor's ongoing effort to high-grade its international

portfolio through asset divestments and acquisitions. We continue to see growth

potential and opportunities to extend the longevity of our international oil and

gas portfolio, also in Brazil," says Philippe Mathieu.

Equinor has been operating the Peregrino field since 2009 and around 300 million

barrels of oil have been produced by the asset since. Peregrino is a heavy oil

field and consists of a floating production storage and offloading (FPSO)

platform, supported by three fixed platforms. The field is in the Campos Basin,

east of Rio de Janeiro. In Q1 2025, Equinor´s share of production from Peregrino

was around 55,000 barrels per day.

Last year, PRIO acquired Sinochem's 40% interest in the Peregrino field.

"PRIO has been a valued partner since joining the Peregrino license last year

and we look forward to a smooth hand-over with them," says Veronica Coelho,

Senior Vice President and Country Manager for Equinor Brazil.

"We are very proud of the work that has been done by our team over the past 20

years on the Peregrino field. This asset has been the cornerstone of Equinor's

history in Brazil. Our journey in Brazil continues with full momentum, building

on the legacy of those that have worked on Peregrino. We are preparing for

operations on Bacalhau, as well as the startup of the Serra da Babilonia

renewable hybrid project by our subsidiary Rio Energy and we are progressing the

Raia gas project" says Veronica Coelho.

The transaction is subject to regulatory and legal approvals. The payment will

occur in two tranches, one at signing and a further one closer to closing. The

payment will be subject to customary adjustments.

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1: The deal is divided in two parts, one for the acquisition of 40% and

operatorship of Peregrino, the second for the acquisition of the remaining 20%.

The 40% operation will receive a payment of USD 2,233 million, with an

additional payment of USD 166 million which is contingent on the completion of

the second part of 20%. The 20% operation will have a value of USD 951 million.

The final component is USD 150 million of maximum interest, reaching the total

of USD 3.5 billion.

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Contact details:

Investor relations

Bård Glad Pedersen, Senior Vice President Investor Relations

+47 918 01 791

Media

Ola Morten Aanestad, Media Relations

+47 480 80 212

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act