By Brazil Stock Guide – Prio (PRIO3) posted a sharp increase in November production after expanding its stake in the Peregrino field, according to figures released by XP Inc., which reviewed the operational performance of the Brazilian oil producer.
Average output reached 138.8k boed, up 49.2k boed from October — a month-on-month jump of about 55%. The surge stemmed almost entirely from Peregrino, which added 50.4k boed, offsetting minor declines across other assets totaling 1.1k boed.
The boost was driven by Prio’s completion of the first phase of its acquisition agreement with Equinor ASA (EQNR), finalized on Monday (11). The deal raised Prio’s ownership of Peregrino from 40% to 80% and transferred operational control of the asset. November also marked the first full month of production following a shutdown ordered earlier by Brazil’s oil regulator, ANP.
XP estimates that had the 80% stake been in effect for the entire month, Peregrino would have contributed 84.1k boed, lifting Prio’s total output to 154.1k boed.
Other assets saw marginal declines. Production at Albacora Leste fell 0.3k boed due to a gas compressor failure — an issue Prio expects to resolve by the first half of December.
Sales volumes also jumped to 5.2 million barrels, roughly 4.6 times October’s level, exceeding November’s total production of 4.2 million barrels.