Prio's purchase of Peregrino field to boost its oil output by 60,000 bpd
By Fabio Teixeira
RIO DE JANEIRO, May 2 (Reuters) - Brazilian company Prio's PRIO3.SA acquisition of a 60% stake in the Peregrino oil field from Equinor EQNR.OL is set to boost the production of the independent oil firm by 60,000 barrels per day (bpd), a Prio spokesperson told Reuters.
The firms announced the transaction on Thursday, that will see Prio make a base payment of $3.35 billion, with additional interest payments of up to $150 million to Equinor, taking complete ownership of the oil field as it already owned the remaining 40%.
With the acquisition, Prio's production would reach an estimated 175,000 bpd, said the spokesperson.
The news of the acquisition was seen as positive by analysts, with Prio's shares rising in early trading at Brazil's B3 exchange on Friday.
"By fully owning and operating the asset, Prio can leverage nearby field synergies and implement cost-efficiency measures to enhance profitability," Itau BBA analysts said.
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