BP Announces Biggest Oil and Gas Discovery in 25 Years Off Brazil Coast

BP has made its biggest oil and gas find in 25 years off Brazil’s coast, signaling a return to fossil fuels amid retreating renewable energy goals. The deepwater discovery in the Santos Basin could become a key production hub. BP’s shares rose after the announcement, reflecting renewed investor optimism.

British energy giant BP has announced its largest oil and gas discovery in a quarter of a century, marking a significant pivot back toward fossil fuels after a short-lived push into renewables. The discovery, located deep offshore in Brazil's Santos Basin, could become a cornerstone of BP’s future crude oil production plans.

The company said on Monday that it is currently conducting tests at the site, situated 250 miles off Brazil’s eastern coast in the Bumerangue block. Executive Vice President Gordon Birrell described it as “BP’s largest [discovery] in 25 years,” comparing it to the landmark Shah Deniz gas find in the Caspian Sea in 1999. He added that BP is now exploring the possibility of constructing a full-scale production hub at the site.

This announcement comes just months after BP scaled back its renewable energy ambitions, declaring it would increase annual spending on oil and gas by several billion dollars to regain investor confidence. The company had originally pledged to become a “net zero” energy provider by 2050 but has since faced pressure from shareholders after lagging behind competitors that profited from post-Ukraine war surges in fossil fuel prices.

Alongside the Brazil discovery, BP also reported major energy finds this year in Egypt and the Gulf of Mexico — now referred to as the “Gulf of America” by the Trump administration. Birrell hailed the streak as an “exceptional year” for the company's exploration division.

Also Read: North Korean Defector Reveals Life as a Secret Overseas IT Worker Funding the Regime

BP has faced financial turbulence in recent years, including a $5.7 billion loss during the pandemic and a $25 billion writedown of its Russian holdings in 2022. The latest discovery has given a slight boost to BP’s stock, which rose by over 1% in London trading following the news.