- Business
- Prio S.A. Prio S.A. (PRIO3.SA) engages in the exploration, development, and production of oil and natural gas properties primarily in Brazil. The company operates key assets including the Polvo Field, Tubarão Martelo Field, Frade Field, Wahoo Field, Albacora Leste Field, and Peregrino Field, all located in the Campos Basin and other Brazilian sedimentary basins; it specializes in efficient reservoir management, redevelopment of mature fields, and cost optimization through subsidiaries. Prio S.A. maintains operations in Brazil with exploration interests extending internationally, targets oil and gas production for domestic and export markets, and is headquartered in Rio de Janeiro, Brazil, where it was incorporated in 2009 as Petro Rio S.A. before changing its name to Prio S.A. in May 2023. In November 2025, the company completed the acquisition of a 40% interest and operatorship in the Peregrino and Pitangola Fields from Equinor do Brasil Ltda., boosting production by approximately 40,000 barrels per day to over 150,000 barrels per day and marking the first phase of a two-part transaction with the remaining 20% interest targeted for mid-2026.