Brazil's state-run oil firm Petrobras and Norwegian energy provider Equinor on Monday said they signed an agreement to evaluate development of seven wind projects offshore Brazil.
The proposed projects would deliver a combined capacity of 14.5 gigawatts of power if confirmed, Petrobras CEO Jean Paul Prates said at the CERAWeek energy conference in Houston.
The project could cost $70 billion if confirmed in its entirety, with production starting in six to 10 years.The study phase of the project will last until 2028, the companies said.
"We are in early phases, but these are realistic projects that we can build," Petrobras Chief Executive Jean Paul Prates said.
Prates said investments for the study phase of the partnership are already contemplated in Petrobras's business plan, with no further investments required in the short-term.
A final investment decision is not yet in the horizon, Equinor's Brazil head Veronica Coelho said.
"These are multi-billion dollar type of projects," Coelho said. "They are big and therefore it is important that they are well matured."
Next actions include studying the wind conditions in the North and North East of Brazil as well as regulatory and licensing requirements.
(Reuters - Reporting by Sabrina Valle; Editing by David Gregorio)