Prio and Sinochem are negotiating a stake in Peregrino

Prio CEO Roberto Monteiro announced positive negotiations with Sinochem on the purchase of a stake in the Peregrino oil field.

“The synergy between Peregrino and our assets opens up new growth opportunities,” Monteiro said. The deal could increase Prio’s current production from 80,000 to 120,000 barrels per day.

Since 2017, Sinochem has been looking for buyers for 40% of Peregrino shares acquired from Equinox in 2010 for $3.07 billion.