LONDON, 14 November 2025 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, advised Equinor on the sale of a 40% operated interest in the Peregrino field offshore Brazil to PRIO, which has been a cornerstone of Equinor’s international portfolio since production began in 2011. Following the transaction, PRIO assumes full operatorship of the field.

Equinor received total consideration of USD 2.33 billion for the divested interest. After adjustments for deposits and interim cash flows since the effective date of the transaction, USD 1.55 billion was received at closing. The USD 335 million deposit by PRIO covers the 40% interest and a separate 20% transaction, the latter of which remains subject to conditions precedent.

The team, led by partners Alex Msimang and Nadine Amr, and associate Alexander Lee in London, guided Equinor through all aspects of the transaction.

Drawing on its cross-border energy and M&A capabilities, the team played a key role in supporting Equinor through this strategic divestment and operatorship transition, building on its track record of advising on high-value energy transactions across Latin America and worldwide.

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