BP Reports Biggest Oil Discovery in 25 Years off Brazil

BP said it has uncovered its most significant oil and gas deposit in a quarter-century after drilling the 1-BP-13-SPS exploration well in the Bumerangue block, a deep-water prospect off Brazil. The Financial Times, citing people briefed on the matter, reported the find spans roughly 300 square kilometres. The company did not disclose resource estimates and stressed that further appraisal drilling is needed to confirm commercial volumes. Even so, the discovery could bolster BP’s upstream growth plans as it pivots back toward fossil-fuel expansion following investor criticism of its earlier push into low-carbon projects. Brazil has emerged as a focal point for major oil producers thanks to prolific pre-salt reserves and investor-friendly licensing terms. A sizeable addition to BP’s portfolio there would deepen competition with Petrobras, Exxon Mobil and Shell, all of which are investing heavily in the region.