BP Plc said it has made its biggest oil and gas find in a quarter-century after drilling a successful well in the Bumerangue block of Brazil’s Santos Basin, about 400 kilometres offshore Rio de Janeiro. Preliminary data point to a roughly 500-metre column of hydrocarbons in the pre-salt reservoir, although the company cautioned that full laboratory appraisal is still required. The discovery is BP’s tenth this year and underscores Chief Executive Officer Murray Auchincloss’s February pledge to place renewed emphasis on hydrocarbons following a faltering push into low-carbon projects. BP, which secured the block in 2022 and holds a 100% interest under a production-sharing agreement managed by Brazil’s Pré-Sal Petróleo SA, aims to keep global output between 2.3 million and 2.5 million barrels of oil equivalent a day by 2030. While on-site testing revealed elevated carbon-dioxide levels that will be studied further, the company said the find could form the centre of a new deep-water production hub. Investors welcomed the update, sending BP shares up about 1.4% in early London trading on Monday.