The field is located in the Campos basin at about 100 metres of water depth in licenses BMC-7 and BMC-47.
Statoil said that production will gradually ramp up to a plateau of 100,000 barrels of oil equivalent per day.
The first phase of the development includes two drilling and wellhead platforms and a large floating production, storage and offload unit.
A total of 37 wells are planned, all of them using advanced horizontal well technology to maximize recovery, the company said.
The Peregrino field contains 300 to 600 recoverable million barrels of oil equivalents, with a significant yet-to-find potential.
An exploration well is currently being drilled at Peregrino South to explore this potential, and following completion of this well, one additional well will be drilled in the area.
