Petrobras and Equinor are considering installing up to seven offshore wind farms in Brazil with the potential to generate up to 14.5GW.

The Brazilian and Norwegian oil & gas giants have signed a letter of intent to evaluate the technical, economic, and environmental feasibility of the sites, which could lead to investments of about $70bn.

The agreement comes as Latin America's largest economy is trying to recreate offshore the success of its onshore wind farms. Equinor's experience in offshore wind in Europe and the US, coupled with Petrobras strong standing in Brazil's energy sector and the economy at large are likely to give a push to the country's offshore wind sector that has been promising for years, but was very slow to take off.