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Britain’s BP reported on Monday that it has made its largest oil and gas discovery in 25 years off Brazil’s coast, as it shifts its focus back to fossil fuels.
This discovery is a positive development for the energy giant as it transitions to concentrate on its more lucrative oil and gas operations, while putting aside its previously prominent renewable energy initiatives.
The company announced it has found oil and gas at the Bumerangue prospect, located 404 kilometres (251 miles) from Rio de Janeiro, at a depth of 2,372 meters.
“This is another success in what has been an exceptional year so far for our exploration team, underscoring our commitment to growing our upstream,” said Gordon Birrell, BP’s executive vice president for production and operations.
This marks BP’s 10th discovery for the year 2025. Following the announcement, BP’s shares increased by more than one per cent on London’s FTSE 100 index.
BP is enhancing its global exploration efforts, with about 40 wells scheduled for drilling over the next three years, including as many as 15 this year.
“BP will want to use its latest numbers to convince the market it has truly revamped its strategy and moved away from the green push which proved unpopular with a significant portion of its shareholder base,” said AJ Bell investment director Russ Mould.
The company anticipates increasing its daily global production to between 2.3 million and 2.5 million barrels of oil equivalent by 2030. BP will release its latest earnings on Tuesday, after rival Shell reported a 23-per-cent decline in first-half net profit, affected by lower oil and gas prices last week.
