BP Plc said it has struck its largest oil and gas find in a quarter-century at the Bumerangue prospect in Brazil’s deep-water Santos Basin, confirming the result of the 1-BP-13-SPS exploration well drilled some 400 kilometres off Rio de Janeiro. Initial tests indicate a 500-metre hydrocarbon column spread over roughly 300 square kilometres in high-quality pre-salt carbonate reservoirs, though the company cautioned that laboratory work and further appraisal drilling are needed to gauge recoverable volumes. BP holds 100% of the block, acquired in a 2022 auction under production-sharing terms that return 5.9% of profit oil to Brazil’s government. The British major said elevated carbon-dioxide levels were detected in the fluids, a factor that could influence development costs, but described the discovery as the biggest since it found the Shah Deniz gas field in Azerbaijan in 1999. London-listed shares gained about 1.3%–1.7% on Monday, outpacing the broader European energy index, as investors welcomed evidence that BP’s renewed emphasis on hydrocarbons is yielding results. Bumerangue is BP’s tenth exploration success this year, following smaller finds in Trinidad and Tobago, Egypt and the Gulf of Mexico. The company, which pivoted back toward oil and gas in February after scaling back its renewable ambitions, aims to lift upstream output to 2.3-2.5 million barrels of oil equivalent a day by 2030 and sees Brazil as a potential new production hub. BP is scheduled to report second-quarter earnings on Tuesday, when it is expected to provide further details on the discovery and its broader drilling programme.