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British energy giant BP has confirmed its most significant oil and gas discovery in over two decades, following a successful deepwater drilling operation off the coast of Brazil. The find was made at the Bumerangue block in the Santos Basin, approximately 404 kilometres offshore from Rio de Janeiro.
š¢ļø Discovery Details
The exploration well, designated 1-BP-13-SPS, was drilled to a depth of 5,855 metres in water depths of 2,372 metres. BP reported that the well penetrated an estimated 500-metre gross hydrocarbon column within a high-quality pre-salt carbonate reservoir spanning more than 300 square kilometres.
Preliminary analysis indicates the presence of oil, gas, and condensate, although elevated levels of carbon dioxide may complicate extraction and increase operational costs. Further laboratory testing and appraisal activities are planned, subject to regulatory approval.
š Strategic Significance
This marks BPās tenth discovery in 2025, joining other successful finds in Egypt, Libya, Trinidad, the Gulf of Mexico, and elsewhere in Brazil. The company holds 100% equity in the Bumerangue block, with PrĆ©-Sal PetrĆ³leo S.A. managing the Production Sharing Contract.
BP acquired the block in December 2022 under Brazilās Open Acreage program, securing favourable commercial terms including 80% cost oil and 5.9% profit oil.
š Future Outlook
BP plans to increase its global upstream production to 2.3ā2.5 million barrels of oil equivalent per day by 2030, with capacity to expand through 2035. The company is also exploring the potential to establish a major production hub in Brazil, reinforcing its strategic pivot back to fossil fuels amid investor pressure to scale back renewable investments.
Executive Vice President Gordon Birrell described the discovery as āa significant milestoneā and praised the exploration teamās performance, stating: āBrazil is an important country for BP, and weāre excited about the potential this find representsā.
