BP has hailed its biggest oil and gas discovery in over a quarter of a century as the oil giant renews its focus on fossil fuels.
The FTSE 100 group revealed the find after drilling a well off the coast of Brazil in the Bumerangue oil field.
The field sits just over 400 kilometres offshore from Rio de Janeiro and spans more than 300 square kilometres.
BP said the discovery was its tenth to date in 2025 and estimated to be its largest since the discovery of Shah Deniz gas field in the Caspian Sea in 1999.
Gordon Birrell, BP's executive vice president for production and operations, said: "We are excited to announce this significant discovery at Bumerangue, BP's largest in 25 years. 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.”
Shares in the group climbed around 1.5% higher in Monday trading following the announcement.
It comes ahead of BP's half-year results on Tuesday, which are expected to show a significant fall in the company's second quarter earnings.
BP, like rival Shell and other peers, has shifted away from net zero ambitions to focus on extracting more oil and gas following pressure from investors to boost profits.
Activist investor Elliott Management has taken a 5% stake in BP and is reportedly putting pressure on the energy giant to cut costs.
BP recently warned that quarterly earnings would be weighed down by lower oil and gas prices.
(PA) Note: This article has been edited with the help of Artificial Intelligence.
