06:28 AM EDT, 05/02/2025 (MT Newswires) -- Equinor ( EQNR ) said Thursday it has signed agreements to transfer its 60% operated interest in the Peregrino oil field in Brazil to PRIO for a total consideration of as much as $3.5 billion.

The amount includes $3.35 billion in base payment, the company said, and as much as $150 million in interest, with the final figure subject to adjustments based on timing and asset cash flows from Jan. 1, 2024.

Equinor ( EQNR ) said it will remain operator until closing, after which Brazil's largest independent oil and gas company will take over management of the field.

Peregrino has produced about 300 million barrels since 2009, and Equinor's ( EQNR ) share averaged 55,000 barrels per day in Q1, Equinor ( EQNR ) added.

The company also said the move reaffirms Brazil as a core region with growth expected from the Bacalhau and Raia projects. Last year, PRIO acquired Sinochem's 40% interest in the Peregrino field.

The transaction comprises a $2.23 billion payment for a 40% stake, $166 million contingent on completion of the second 20% deal, which will be for $951 million, and up to $150 million in interest, Equinor ( EQNR ) said.

Shares of the company were more than 1.7% in recent Friday premarket activity.