PRIO to acquire a 40% stake in Peregrino and Pitangola Fields from SPEP Energy and Sinochem for $1.91bn.

PRIO, a fuel and renewable energy services provider, agreed to acquire a 40% stake in Peregrino and Pitangola Fields from SPEP Energy and Sinochem, a Chinese state-owned multinational conglomerate, for $1.91bn. "After the acquisition's conclusion, the Company's production will increase by approximately 35 thousand barrels per day. Additionally, PRIO sees synergies in marketing the Field’s oil, as each offtake from Peregrino of approximately 650 thousand barrels can be combined with cargo loads from other fields operated by the Company to optimize logistics," PRIO.