OMNI Features｜BP Announces Largest Global Oil and Gas Find in 25 Years

BP has made its largest global oil and gas discovery in 25 years on the deepwater Bumerangue prospect in the Santos Basin offshore Brazil, a find that could reshape the BP's energy strategy. The discovery marks BP's most significant since the 1999 Shah Deniz gas field in the Caspian Sea and is set to become a major production hub.

According to Reuters, the breakthrough comes as BP pivots away from renewable energy ambitions to refocus on fossil fuels, aiming to bolster its oil and gas portfolio. The move seeks to restore investor confidence and lift underperforming shares by leveraging Brazil’s vast offshore reserves.

Gordon Birrell, BP's production and operations chief, underscored Brazil's importance, stating the company's ambition to develop a "material and advantaged production hub" in the country. The Bumerangue project is expected to anchor BP’s renewed upstream growth.

Reference: OER International