- BP announced its largest oil and gas field discovery in 25 years, located off the coast of Brazil in the Bumerangue prospect.
- The discovery, expected to contain a mix of oil, gas, and condensate, spans over 300 square kilometres, marking the biggest find since 1999.
- This significant find follows BP's recent decision to scale back its renewable energy plans and refocus on fossil fuels, a move that led to investor pushback and a change in CEO.
- BP secured 100 per cent of the rights to the field in 2022 as the sole bidder and plans to establish a major production hub in Brazil.
- While the discovery is a win for the energy firm, potential elevated carbon dioxide levels could complicate extraction and increase costs, with further tests required to assess the recoverable amount.
IN FULL
BP confirms biggest oil and gas field discovery in 25 years – three times the size of Paris
