Equinor to sell 60% stake in Brazil's Peregrino field to Prio for $3.5 billion

May 2 (Reuters) - Equinor EQNR.OL said on Friday that its Brazil unit has agreed to sell a 60% operated interest in Peregrino oil field to oil company PRIO SA PRIO3.SA for up to $3.5 billion.

Prio would make a base payment of $3.35 billion, with additional interest payments of up to $150 million to Equinor, and would take complete ownership of the oil field after the deal closes.

It had bought the remaining 40% stake in the field from China's Sinochem last year in a nearly $2 billion deal.

Equinor has been actively pursuing divestments of assets from its international portfolio. It completed asset sales in Nigeria and Azerbaijan in late 2024 and has now been looking to divest some of its assets in Argentina.

"This deal is part of Equinor's ongoing effort to high-grade its international portfolio through asset divestments and acquisitions," said Philippe Mathieu, executive vice-president for exploration and production international at Equinor.

Prio would acquire a 40% stake and operatorship of the field in the first part of the deal. Equinor would then sell the remaining 20% stake in the second part.

Equinor will be responsible for operations of the field until closing of the transaction, it said.