PRIO Output Slumps In September As Peregrino Halt Weighs; 2026 Growth Plan Still Intact

Brazilian independent oil producer PRIO reported a sharp month-on-month drop in September output after a regulator-ordered halt at the Peregrino field and isolated equipment issues elsewhere.

Average production fell 22% from August to 71,269 barrels of oil equivalent per day, while third-quarter output averaged 88,168 boe/d.

September crude sales totaled 2.73 million barrels, down 10.5% from August, though third-quarter sales rose 8.2% from the previous quarter to 8.84 million barrels, reflecting offloading schedules.

By asset, Frade produced 33,290 boe/d, virtually flat month-on-month, while Albacora Leste slipped to 23,654 boe/d due to processing constraints.

The Polvo + Tubarão Martelo cluster delivered 14,325 boe/d after a pump failure briefly shut the TBMT-6H well; the repair was completed on September 15 and the well returned to service.

Peregrino contributed no barrels in September because its floating production unit remained under safety interdiction following an audit by Brazil’s oil regulator.

The temporary loss of Peregrino was the principal swing factor. Equinor is the current operator of the field; PRIO owns 40% and has agreed to acquire the remaining 60%—and operatorship—pending approvals.

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The companies have been implementing corrective actions to allow the restart. PRIO’s most recent quarterly results reflected a tougher operating and pricing backdrop.

Second-quarter net income fell 54% year over year to $122.5 million, while EBITDA declined 57% to $260 million, with a 55% margin. The company cited lower realized prices and mix effects alongside operational interruptions.

Despite the September dip, the growth story remains in view. On September 15, PRIO received the environmental installation license for Wahoo, a subsea tieback to the Frade FPSO.

First oil is targeted for 2026, and once fully ramped the development is expected to add a meaningful new production stream, supporting the company’s plan to lift volumes.

PRIO is Brazil’s largest independent exploration and production company, known for acquiring and revitalizing mature offshore fields with operational upgrades and targeted reinvestment.

The bottom line: September’s figures were weak for temporary, identifiable reasons—chiefly the Peregrino stoppage—while repairs and project milestones suggest a path back to steadier output ahead of the planned 2026 capacity lift.

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