BP Confirms Largest Oil Discovery Offshore Brazil in 25 Years

BP has announced its largest oil and gas discovery in 25 years at the Bumerangue prospect in Brazil’s Santos Basin, marking a significant milestone in the company's strategic shift towards increasing upstream production. The deepwater exploration well encountered an estimated 500-meter hydrocarbon column within a high-quality pre-salt carbonate reservoir that spans over 300 square kilometers, located approximately 404 kilometers from Rio de Janeiro at a depth of around 2,372 meters below sea level. This discovery represents BP’s tenth hydrocarbon find in 2025 and supports its plan to boost production to 2.3–2.5 million barrels of oil equivalent per day by 2030. BP secured the Bumerangue block in 2022 under favorable commercial terms and now plans further appraisal activities, pending regulatory approval, to assess the reservoir’s commercial potential. Executives emphasized Brazil's importance to BP's upstream growth ambitions, aiming to establish a significant production hub in the country. This find complements BP’s broader efforts to reverse previous underperformance and scale up its oil and gas output amid a strategic reset that includes increased investment in upstream operations.