PRIO revenue set to jump 71% in 2026 as Peregrino, Frade and Wahoo drive surge

Brazil’s independent oil producer Prio SA (BVMF: PRIO3) is poised for a step-change in growth after deepening its position in the offshore Peregrino field, in a deal that highlights a broader strategy of consolidating mature assets and extracting operational efficiencies.

In late 2025, Prio acquired an additional 40% stake in Peregrino from Equinor ASA (NYSE: EQNR), assuming operatorship of the heavy oil field. A further 20% interest is expected to transfer by mid-2026, giving Prio effective control over one of Brazil’s more complex but high-margin offshore assets.

Consensus estimates from Visible Alpha point to a sharp uplift in Peregrino’s contribution, with revenues projected to climb to BRL11.6 billion in 2026, from BRL4.5 billion last year. The increase reflects both the higher working interest and PRIO’s track record of lowering lifting costs and extending field life across acquired assets.

Growth is set to be amplified by the start-up of the Wahoo field, a subsea tie-back development that exemplifies Prio’s capital-light approach. First oil from the Wahoo oil field is expected in 2026, with all production routed to the Frade, which provides processing, storage, and offloading capacity. Output at Frade is expected to rebound strongly, with sales volumes rising 78% year-on-year to 19 million barrels in 2026, after declines of 30% in 2025 and 16% in 2024. Revenues from Frade are seen surging 122% to BRL9.3 billion, reversing a two-year contraction.

Taken together, the ramp-up across Peregrino, Frade and Wahoo positions Prio for a markedly stronger financial year. Analysts expect total revenues to rise 71% to BRL26.6 billion in 2026.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.