Oil giant BP announces discovery of significant crude oil reserves, marking the company's biggest find in a quarter of a century
BP, the British multinational oil and gas company, has made a substantial oil discovery in Brazil's Santos Basin, marking its largest find in 25 years. The discovery was made at the Bumerangue block, and the well was spudded on May 25, 2025.
The discovery features a hydrocarbon column of about 500 meters and is estimated to hold around 2.5 billion barrels of oil in place, with a geological success chance of 13%. With upside potential, this could total approximately 4.4 billion barrels.
The discovery is considered a "high impact" find that could de-risk a large subsalt area in the southern Santos Basin. BP's executive, Birrell, stated that the discovery underscores BP's commitment to growing its upstream operations in the region.
BP's CEO, Murray Auchincloss, had unveiled an overhaul plan in February aimed at increasing shareholder returns. Under the revamped strategy, BP plans to invest an additional $10bn into oil and gas to increase production by 20%. This discovery could significantly boost BP as it undergoes a high-profile turnaround plan.
The discovery is recent, but specific production start dates or forecasted production increases have not yet been disclosed. Development and production increases would likely unfold over the latter half of this decade or early 2030s based on typical offshore project timelines.
Brazil is an important country for BP, and they aim to establish a significant production hub in the country. The discovery is seen as a reinforcement of BP's commitment to growing its upstream operations and could contribute materially to Brazil's overall oil output in the medium to long term.
[1] Offshore Technology - BP makes significant oil discovery in Brazil's Santos Basin
[2] Reuters - BP announces major oil discovery in Brazil
[3] Rigzone - BP makes major oil discovery in Brazil's Santos Basin
[1] Despite the recent oil discovery in Brazil's Santos Basin being a significant milestone for BP, it's essential to consider the weather conditions while planning outdoor activities, such as beach volleyball or football, near the area.
[2] In the midst of Brazil's current tropical climate, sports enthusiasts should carefully monitor the weather forecast to avoid any potential thunderstorms while enjoying outdoor activities near the Santos Basin.
