Sat. 03 May 2025
☁️ 16°C in Dublin
🎮 Games
Date: 02-may-2025
Photo by Rob Barber on Unsplash
On May 2, 2025, Norwegian energy giant Equinor ASA announced the sale of its 60% stake in the Peregrino oil field, located off the coast of Brazil, to Brazilian oil company PRIO SA. The deal is valued at $3.5 billion USD and represents a major strategic shift in Equinor’s international energy portfolio.
The transaction is one of the largest oil asset sales of the year and signals Equinor’s move to rebalance its operations toward low-carbon and high-efficiency projects. The Peregrino field, known for its heavy crude production, had been a core asset for Equinor in the South American region since it came online in 2011.
Equinor stated that the decision to sell its stake in Peregrino aligns with its long-term strategy to optimize capital allocation and focus on more sustainable and scalable energy projects, particularly in the renewables and gas sectors. The move is part of the company’s broader transition plan to reduce carbon intensity and strengthen its global flexibility.
PRIO SA, formerly known as PetroRio, has been aggressively expanding its offshore portfolio in recent years. Acquiring Peregrino boosts its daily production capacity significantly and enhances Brazil’s position as a leading oil-producing nation.
PRIO confirmed that it will take over operational responsibilities, with plans to optimize the field’s output through enhanced oil recovery (EOR) techniques and automation upgrades.
This strategic divestment strengthens Equinor’s position as a forward-looking energy company while underscoring the evolving global energy landscape. With fossil fuel majors re-evaluating legacy assets amid climate concerns and investor pressure, Equinor’s decision may set the tone for similar moves across the industry.
Norway’s government, which holds a majority stake in Equinor, welcomed the sale as a prudent financial and environmental step aligned with national energy goals and international climate commitments.
Equinor plans to increase investments in offshore wind, carbon capture and storage (CCS), and blue hydrogen, with multiple projects underway in Europe and North America. The capital generated from the Peregrino sale will also strengthen its balance sheet ahead of a new strategic update due later this year.
No comments yet! Be the first one to comment.
Date: 02-May-2025
Marks & Spencer faces a serious cyber attack and is working day and night to secure systems and safeguard customer data amid rising threats in retail cybersecurity.
Date: 02-May-2025
The UK considers banning credit card crypto purchases to limit consumer debt and reduce financial risks tied to volatile digital assets.
