BP has announced the discovery of an oil and gas column in the Bumerangue block, located in the Brazilian Santos Basin, marking the company’s largest discovery in 25 years.
In a statement posted today on its website, the oil company stated that it drilled the 1-BP-13-SPS exploration well in the Bumerangue block, in the Santos Basin, 404 kilometers (218 nautical miles) off the coast of Rio de Janeiro, at a depth of 2,372 meters.
BP will now begin laboratory analyses to more accurately characterize the reservoir and the fluids discovered, providing further information on the potential of the Bumerangue block, the company added.
BP's Executive Vice President of Production and Operations, Gordon Birrell, stated that this "is another success in what has been an exceptional year so far for our exploration team."
"Brazil is an important country for BP, and our ambition is to explore the potential to establish a strategic and advantageous production hub in the country," he added.
Following the announcement, the company’s shares rose by about 1.5% on the London Stock Exchange.
The announcement came one day before BP reports its results for the first half of the year.
BP has been in Brazil for more than 50 years, with a diversified portfolio. The Bumerangue block was awarded to BP in December 2022.
In addition to this year’s drilling campaign in Bumerangue, an exploration well is planned for the Tupinambá block in 2026.
Like its rival Shell and other similar companies, BP has abandoned its ambitions for net-zero emissions to focus on extracting more oil and gas, following pressure from some investors to increase profit.
