Energy giant BP says that he has discovered its biggest oil and gas in this century as it focuses with renewable energy and goes back to fossil fuels.
The UK -based firm said on Monday that it was testing the site in deep water on the east coast of Brazil. The search for BP’s plans to increase crude oil production can play a major role.
The company’s executive Gordon Birel says that the discovery is “the biggest of BP” in 25 years and the firm will detect the construction of a production hub there.
In February, BP reduced its planned investments in renewable energy and stated that it would spend billions of dollars in a year on its oil and gas operating, as it aims to promote investor’s trust.
BP said that it had found an area of about 500 meters of oil and gas in the Bumrangue block in the Santos Basin from 250 miles (400 km) from the East Coast in Brazil.
It said that this discovery was the company’s largest since Shah Denise Gas Zone in the Caspian Sea in 1999.
This year BP is included in several other discoveries of energy reserves, including the Gulf of Mexico, which is called the Gulf of America by US President Donald Trump and Egyptian administration.
“This is another success that has been an extraordinary year for our investigation team so far”, said Mr. Biral, Executive Vice President of the firm for production and operation.
BP’s attempt to convert itself into a “net zero” energy manufacturer has faced major obstacles as it put the plan into action five years ago.
In 2020, the Covid-19 epidemic pushed it into an annual loss of $ 5.7BN (£ 4.29bn).
It also took a hit of $ 25bn after two years after writing a stake in its Russian energy business after the beginning of the Ukraine War.
However, on Tuesday, it revealed the better results for the second quarter of 2025.
In 2024, replacement cost profits declined by 15% in 2024, which was $ 2.4bn for the same six months in 2024, but it was better than $ 1.8BN analysts – and a improvement on the first quarter figure.
Darren Nathan, head of Equity Research at Hargrevs Lansdowne, said “despite the prices of low oil and gas,” the second quarter results of BP were pumped by the Slech Turnaround Plan “.
He blamed the performance in this week’s Bumarangue, raising the increase in production and the company “while talking about exploration and development” to the performance for other things.
BP’s share price has come under pressure in recent years as it has pumped billions of dollars into renewable energy, while rival companies benefited from increasing oil and gas prices in view of the invasion of Russia in Ukraine.
Last month, BP announced that it had appointed Albert Manifold manifold manifold manifold to succeed as a company’s chair.
In April, Mr. Lund announced his intention to quit the post, two months after BP, BP revealed a plan to cut his renewable energy investments and instead focused on increasing oil and gas production.
Energy giants were under pressure from some investors who realized that it was weak compared to rivals.
