March 11- PRIO, the largest independent oil and gas company in the country, ended 2025 with total revenue of US$2.5 billion, driven by a 27% increase in production and sales compared to the previous year. The performance was marked by important achievements, such as the acquisition of the Peregrino field, the development of the Wahoo field, and the consolidation of an even more efficient operation.
PRIO recorded an adjusted EBITDA of US$1.4 billion for the full year 2025. “The early closing of Peregrino allowed us to accelerate the capture of synergies, with cost optimization and greater control over the asset. We ended the year with record average production, reaching 155,800 barrels per day in December, which reflects the consistency of our strategy,” says Roberto Monteiro, CEO of PRIO.
The exercise was also marked by progress in the Wahoo field, in Espírito Santo, which obtained environmental licensing from IBAMA and completed the subsea interconnection to the Frade FPSO. Currently in the final commissioning phase, the asset received its operating license on March 3rd, fulfilling the last regulatory step for the start of production.
“Wahoo is the first field developed and managed by PRIO, and our goal is, throughout this year, with the start of production and the progress in cost optimization in Peregrino, to return to levels similar to those presented in 2023. Our expectation is that Wahoo will add 40,000 barrels per day to our production. This movement occurs in parallel with the consolidation of an 80% stake in Peregrino, where direct management already enables efficiency gains and reductions in administrative and logistical costs,” adds the CEO.
In Albacora Leste, PRIO achieved levels exceeding 88% in operational efficiency, after investments in compression and energy generation systems. In the Polvo and Tubarão Martelo cluster, the company resumed full capacity after workovers on producing wells and initiated its sixth drilling campaign in Polvo. These advances sustained a record average production of 106,400 barrels per day and a record volume of 37.8 million barrels sold during the year.
In Peregrino, the increase in annual production mainly reflects the consolidation of an 80% stake in the asset after the acquisition of an additional 40% and the operation of the field, completed on November 11, 2025.
PRIO’s operational and strategic advances throughout the year were enabled by a solid financial structure and active balance sheet management. In 2025, debentures were issued in the local market with a dollar swap, totaling approximately US$745 million. In October, the Company issued US$700 million in bonds, with a partial repurchase of bonds maturing in 2026. All these initiatives strengthened the company’s liquidity, supporting the execution of a financially disciplined strategy. Throughout the year, this progress was recognized by rating agencies, with upgrades granted by Fitch and S&P and, in 2026, by Moody’s, reflecting the strengthening of its solid financial profile.
Brazil Energy Insight 
Leave a comment