Prio Doubles Down on Oil Output From Mature Offshore Fields, Eyes Major Growth in Brazil

Brazil’s Prio produced 100,100 barrels of oil equivalent per day in the second quarter of 2025, according to its official report. This marks a return to normal output after fixing technical issues at its Frade field.

Prio operates several offshore fields, with Peregrino, Frade, Albacora Leste, and Polvo/Tubarão Martelo making up its production. The company plans to double its daily output to over 200,000 barrels by 2026. This goal depends on two big moves.

First, Prio is set to acquire the remaining 60% of the Peregrino field from Equinor for $3.5 billion. This will make Prio the sole owner and add 202 million barrels of reserves.

Second, Prio is waiting for environmental approval to start producing oil from the Wahoo field, which will further boost output. Prio funds its expansion with its own cash flow and will temporarily increase its debt, aiming to complete the Peregrino deal by mid-2026.

The company reported R$15.6 billion in revenue and R$11.33 billion in net profit over the past year, with a net profit margin of 72.61%. Its shares trade near R$42, and analysts see more growth if these projects succeed.

Prio’s strategy is to buy older oil fields and improve them, making them more efficient and productive. This approach has allowed Prio to grow quickly and become a key player in Brazil’s oil sector.

The company’s expansion strengthens Brazil’s energy independence and supports local jobs and growth. Prio’s future will depend on its ability to deliver these projects on time and manage its finances carefully.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

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