BP has announced a landmark oil and gas discovery in Brazil’s deepwater Santos Basin, marking what could be its largest find in a quarter century.
The newly drilled well at the Bumerangue prospect, located approximately 400 km off the coast of Rio de Janeiro and beneath nearly 2.4 km of water, revealed an impressive 500-meter column of hydrocarbons within a pre-salt carbonate reservoir spanning more than 300 square kilometers.
The company has indicated that this may represent its most significant discovery since the Shah Deniz field in Azerbaijan in 1999.
BP holds 100% working interest in the Bumerangue block, which it secured in December 2022 under favorable commercial terms, including generous profit-sharing arrangements with Brazil’s Pré-Sal Petróleo S.A. As the sole licensee, BP stands to reap substantial economic gains if the find proves commercially viable.
Executives say the find comes during what has already been an exceptional year for BP’s global exploration team. It is the company’s 10th discovery in 2025, with other significant finds reported in Trinidad, Egypt, Libya, the Gulf of Mexico, Namibia and Angola.
While BP has not provided a reserve estimate, analysts suggest the scale could be game-changing possibly extending the life of BP’s upstream portfolio well into the 2030s or 2040s.
Despite the promise, the find presents technical challenges. Early analyses indicate elevated levels of carbon dioxide in the reservoir, a factor that could increase extraction and processing costs, raising questions about its long-term economic viability. BP has noted this issue but has not yet provided a definitive answer on feasibility.
BP leadership has framed the discovery as a pivotal part of its broader strategic shift toward fossil fuels. Under new CEO Murray Auchincloss, the company has revamped its vision, setting a production target of between 2.3 and 2.5 million barrels of oil equivalent per day by 2030 with scope to expand even further by 2035.
Financial markets responded positively to the announcement, with BP shares rising approximately 1.3% in London ahead of the broader European energy index. Analysts and investors alike see the find as a critical lever in BP’s effort to restore confidence amid prior underperformance linked to its renewable energy pivot.
As BP prepares further laboratory analyses and regulatory-cleared appraisal drilling, attention now turns to the field’s long-term potential and how it may enhance Brazil’s role as a major global energy producer. The Bumerangue discovery represents not just a significant resource find but a strategic milestone in BP’s redefined energy portfolio.
Written By Ian Maleve
