BP Plc said it made its biggest discovery in 25 years in deep waters off Brazil, a boon for the UK oil major as it seeks to turn around years of underperformance.
BP found an estimated 500-meter (1,640-foot) column of oil and gas at the Bumerangue block in the Santos basin, it said Monday, giving little other detail. The find adds to other discoveries this year in Trinidad & Tobago, the Gulf of Mexico and Egypt.
“This is another success in what has been an exceptional year so far for our exploration team,” the energy giant said in a statement. “Our ambition is to explore the potential of establishing a material and advantaged production hub” in Brazil.
Chief Executive Officer Murray Auchincloss reset BP’s strategy in February by promising to refocus on oil and gas after years of failed low-carbon investments. Other supermajors had recommitted more quickly to the hydrocarbon-focused strategies that fed their profits.
BP’s 2030 production target – 2.3 million to 2.5 million barrels of oil equivalent a day – remains unchanged. The London-based company said it has “capacity to increase production out to 2035.”
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