Analyst Says ‘Uncertainties Remain’ at BP Bumerangue Find

BP’s disclosure of the Bumerangue discovery points to a potentially material find, though uncertainties remain regarding its size and commercial viability.

That’s what Obo Idornigie, Welligence SVP, Energy Trends and Analysis, told Rigzone, adding that “preliminary data indicates elevated CO2 levels”, which Idornigie noted is “a technical challenge historically undermining the appeal of similar prospects”.

“An appraisal program will be needed to assess the field’s scale and development potential,” Idornigie told Rigzone.

Rigzone contacted BP for comment on Idornigie’s statement. A BP spokesperson declined to comment but directed Rigzone to a release on BP’s website announcing an oil and gas discovery at the Bumerangue prospect in the deepwater offshore Brazil.

“We are excited to announce this significant discovery at Bumerangue, BP’s largest in 25 years,” Gordon Birrell, BP’s executive vice president for production and operations, said in that release.

“This is another success in what has been an exceptional year so far for our exploration team, underscoring our commitment to growing our upstream. Brazil is an important country for BP, and our ambition is to explore the potential of establishing a material and advantaged production hub in the country,” he added.

BP highlighted in the release that it drilled exploration well 1-BP-13-SPS to a total depth of 5,855 meters (19,209 feet).

“The well intersected the reservoir about 500 meters (1,640 feet) below the crest of the structure and penetrated an estimated 500 meter gross hydrocarbon column in high-quality pre-salt carbonate reservoir with an areal extent of greater than 300 square kilometers (116 square miles)”, BP noted in the release, adding that “results from the rig-site analysis indicate elevated levels of carbon dioxide”.

BP revealed in its release that it will now begin laboratory analysis to further characterize the reservoir and fluids discovered, which it said will provide additional insight into the potential of the Bumerangue block.

“Further appraisal activities are planned to be undertaken, subject to regulatory approval,” BP noted in the release.

BP pointed out in the release that it holds 100 percent participation in the Bumerangue block, with Pré-Sal Petróleo S.A. as the Production Sharing Contract manager. BP said it secured the block in December 2022 during the first Cycle of the Open Acreage of Production Sharing of ANP, “on very good commercial terms”.

Bumerangue is BP’s tenth discovery in 2025 to date, the company highlighted in the release. So far this year, BP has announced oil and gas exploration discoveries at Beryl and Frangipani in Trinidad, Fayoum 5 and El King in Egypt, Far South in the Gulf of America, Hasheem in Libya, and Alto de Cabo Frio Central in Brazil. Through Azule Energy, BP’s 50-50 joint venture with Eni, BP has also seen finds in Namibia and Angola this year.   

In a statement posted on its website back in February, BP announced a “fundamentally reset strategy”.

“BP today introduced a fundamentally reset strategy, with significant capital reallocation, and plans to drive improved performance, aimed at growing free cash flow, returns and long-term shareholder value,” the company said in the statement, which was published on February 26.

This strategy will see BP grow its upstream oil and gas business, focus its downstream business, and invest with increasing discipline into the transition, the company noted in the statement.

In the statement, BP highlighted that it was increasing investment in oil and gas, outlining that it expects to spend around $10 billion per annum through 2027. It also revealed in the statement that production is expected to grow to 2.3 – 2.5 million barrels of oil equivalent per day in 2030 “with capacity to increase to 2035” and pointed out that “10 new major projects” will start up by the end of 2027.

Welligence is a market intelligence firm focused on the upstream oil and gas sector. The company delivers technical data and deep analysis for over 3,000 commercial upstream assets, while covering every regional exploration block, Welligence’s website states.

Idornigie leads Welligence’s upstream coverage of Nigeria and Ghana, and supports business development efforts across West Africa, the company’s site states, adding that, prior to joining Welligence, Idornigie spent 12 years with Wood Mackenzie as an Africa-focused analyst and later as a corporate analyst. He has also previously worked for two years with the Nigerian government, Welligence’s site highlights.

To contact the author, email andreas.exarheas@rigzone.com