Hurray. BP Makes Biggest Oil Find In 25 Years Off Coast Of Brazil. Huzzah. Yoicks. Yippee. Hallelujah.

BP has made its largest oil and gas discovery of the past 25 years off the coast of Brazil as it continues to shift its focus away from renewables and back to fossil fuels. The Santos basin oil and gas discovery, which is located in deep waters, is the company’s 10th oil discovery of the year and could be its largest since its discovery at the Shah Deniz gasfield in Azerbaijan in 1999.

BP is carrying out further tests on the Santos discovery, made beneath about 2,400 metres of water and 250 miles (400km) off the Brazilian coast, to gauge the potential of the oil and gas basin. It is likely to play a significant role in the company’s plan to increase its oil and gas production to between 2.3m to 2.5m barrels of oil equivalent a day.

The company said on Monday it had also started a new oil extension project in the Gulf of Mexico that should add an extra 20,000 barrels a day to its production. The Argos project would be the first in a series of new projects in the Gulf between now and the end of the decade. BP has returned its focus to fossil fuels in recent years after abandoning its failed plan to cut its hydrocarbon production, which had favoured expanding in low-carbon energy alternatives, such as offshore wind. Gordon Birrell, the head of BP’s oil and gas production business, said the discovery was “another success in what has been an exceptional year so far” which had underscored the company’s “commitment to growing our upstream” oil and gas production. He added that Brazil was an important country for BP, which will explore the potential of establishing “a material and advantaged production hub in the country”.

The Santos basin, which is in coastal waters off Rio de Janeiro and São Paulo, is BP’s second discovery in Brazil this year. The group has also announced oil and gas discoveries in Trinidad, Egypt, the Gulf of Mexico, Libya, Namibia and Angola, in a marked retreat from its former green agenda. The company’s plan to become a “net zero” energy company has faced a string of unforeseen hurdles since it was put in motion in early 2020.

EDIT

https://www.theguardian.com/business/2025/aug/04/bp-makes-major-oil-and-gas-discovery-off-coast-of-brazil-santos-basin