BP strikes largest oil discovery in 25 years off Brazil

BP strikes largest oil discovery in 25 years off Brazil BP announced Monday its largest oil and gas discovery in 25 years, striking hydrocarbons at the Bumerangue prospect in Brazil's Santos Basin. The British energy giant found an estimated 500-meter hydrocarbon column in deep waters 404 kilometers from Rio de Janeiro, marking its tenth discovery this year. Major Discovery Reinforces Santos Basin Prominence The exploration well 1-BP-13-SPS penetrated through 2,372 meters of water to reach a total depth of 5,855 meters, uncovering what BP describes as a high-quality pre-salt carbonate reservoir spanning more than 300 square kilometers . Gordon Birrell, BP's executive vice president of production and operations, called it "another success in what has been an exceptional year so far for our exploration team" . BP owns 100% of the Bumerangue block, acquired during Brazil's first Permanent Share Offer cycle in 2022 . The discovery adds to the company's growing portfolio in Brazil's Santos Basin, where it also operates the Tupinambá block and holds stakes in the Pau Brasil block alongside partners CNOOC and Ecopetrol . Strategic Shift Toward Oil and Gas Production The discovery comes as BP has retreated from earlier climate commitments, abandoning plans to cut oil and gas production 40% by 2030 . Chief Executive Murray Auchincloss reset the company's strategy in February, refocusing on hydrocarbons after years of failed low-carbon investments . BP now targets production of 2.3 million to 2.5 million barrels of oil equivalent daily by 2030, only 25% below 2019 levels . The company maintains its production target remains unchanged despite the new discovery, but noted it has "capacity to increase production out to 2035" . BP has made ten discoveries in 2025, including finds in Trinidad & Tobago, Egypt, and the Gulf of Mexico . "Brazil is an important country for bp, and our ambition is to explore the potential of establishing a material and advantaged production hub in the country," Birrell said . The company will begin laboratory analysis to characterize the discovery and plans further appraisal activities subject to regulatory approval .

BP strikes largest oil discovery in 25 years off Brazil

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BP strikes largest oil discovery in 25 years off Brazil

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