Fossil fuel

BP Makes Largest Oil Discovery in 25 Years Off Brazil Coast

AUG 5 2025·Updated AUG 8 2025

Story

Above: The BP logo and petrol station forecourt sign on Jan. 22, 2024 in Southend, United Kingdom. Image credit: John Keeble/Contributor/Getty Images

The Facts

BP announced on Monday its largest oil and gas discovery in 25 years at the Bumerangue prospect in Brazil's Santos basin, located 404 kilometers from Rio de Janeiro in water depths of 2,372 meters.
Offshore Energy
Daily Sabah
The discovery spans approximately 300 square kilometers with an estimated 500-meter gross hydrocarbon column in a high-quality pre-salt carbonate reservoir beneath subsalt rock formations.
Offshore Energy
S&P Global Commodity Insights
BP holds 100% participation in the Bumerangue block, which was secured in December 2022, with Brazil's state-run company Pre-Sal Petroleo SA serving as the production sharing contract manager.
Reuters
Offshore Energy
The discovery marks BP's 10th oil and gas find in 2025, following discoveries in Trinidad, Egypt and Brazil, among others, as part of the company's expanded exploration program.
CNN
Daily Sabah
Initial rig-site analysis indicates elevated levels of carbon dioxide at the formation, with BP planning laboratory analysis and further appraisal activities subject to regulatory approval to assess the block's potential.
Reuters
Offshore Energy
BP expects to increase its global oil and gas production to between 2.3 million and 2.5 million barrels of oil equivalent per day by 2030, with the Brazilian discovery potentially supporting a major production hub.
CNN
Offshore Energy

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The Spin

Climate-skeptic narrative

This massive Brazilian discovery validates BP's strategic pivot back to profitable fossil fuels after years of disappointing renewable investments. The 300-square-kilometer field represents exactly the kind of game-changing asset that can restore investor confidence and boost shareholder returns.

Bp Global

Climate-concerned narrative

The discovery's elevated carbon dioxide levels could significantly complicate extraction and drive up costs, potentially undermining the economic viability of this find. BP's retreat from renewables back to fossil fuels contradicts global climate commitments and represents a short-sighted strategy.