Equinor and its partners ExxonMobil and Petrogal have pulled the trigger on the $8 billion first-phase Bacalhau development in Brazil's prolific pre-salt province, which is set to host one of the country's largest ever floaters.

First oil from the project in the deep-water Santos basin is envisaged in 2024, with operator Equinor saying this week that it will have a breakeven of less than $35 per barrel.