BP Announces Major Discovery in 25 Years Offshore Brazil

BP announced what it describes as its largest global oil and gas discovery in 25 years at the Bumerangue exploration well in Brazil's Santos basin. The discovery is a boost for the company's strategic shift to refocus on fossil fuels in order to regain investor confidence.

The exploration well, 1-BP-13-SPS, is located 404KM from Rio de Janeiro in a water depth of 2,372m. The well reached a total depth of 5,855m. It penetrated an estimated 500m gross hydrocarbon column in a pre-salt carbonate reservoir with an area greater than 300km2. Rig-site analysis indicates elevated levels of carbon dioxide, and laboratory analysis will now be conducted to further characterize the reservoir and fluids.

BP holds 100% participation in the Bumerangue block. Gordon Birrell, BP’s Executive Vice President for Production and Operations, stated that the discovery is a success for the exploration team and underscores the company's commitment to growing its upstream business. Birrell noted that Brazil is an important country for BP, and the company's ambition is to establish a production hub there.

This is BP’s tenth discovery in 2025. The company plans to increase its global upstream production to 2.3-2.5MMboe/d by 2030. BP holds interests in eight offshore blocks across three basins in Brazil, operating four of them. An exploration well is planned for the Tupinambá block in 2026.