-
BP makes its biggest oil and gas discovery in 25 years
Bp has hailed its biggest discovery in over a quarter of a century as the oil giant renews its focus on fossil fuels.
The FTSE 100 group revealed the find after drilling a well off the coast of Brazil, in the Bumerangue oil field, just over 400 kilometres offshore from Rio de Janeiro, spanning more than 300 square kilometres.
It said the discovery was its tenth to date in 2025 and estimated to be its largest since the discovery of Shah Deniz gas field in the Caspian Sea in 1999.
Gordon Birrell, BP’s executive vice president for production and operations said: “We are excited to announce this significant discovery at Bumerangue, BP’s largest in 25 years.
“This is another success in what has been an exceptional year so far for our exploration team, underscoring our commitment to growing our upstream.
“Brazil is an important country for BP and our ambition is to explore the potential of establishing a material and advantaged production hub in the country.”
Shares in the group lifted around 1.5% higher in Monday trading after the announcement.
It comes ahead of half-year results on Tuesday, which are expected to show a big fall in BP’s second quarter earnings.
BP – like its rival Shell and other peers – has shifted away from net zero ambitions to focus on extracting more oil and gas, following pressure from some investors to boost its profits.
Share This
