BP says it has made largest find in 25 years off Brazil
BP found an estimated 500-m column of oil and gas at the Bumerangue block in the Santos basin, it said yesterday, giving little other detail. The find adds to other discoveries this year in Trinidad & Tobago, the Gulf of Mexico and Egypt.
'This is another success in what has been an exceptional year so far for our exploration team,' the energy giant said in a statement.
'Our ambition is to explore the potential of establishing a material and advantaged production hub' in Brazil.
Chief executive officer Murray Auchincloss reset BP's strategy in February by promising to refocus on oil and gas after years of failed low-carbon investments.
Other supermajors had recommitted more quickly to the hydrocarbon-focused strategies that fed their profits.
BP's 2030 production target: 2.3 million to 2.5 million barrels of oil equivalent a day, remains unchanged.
The London-based company said it has 'capacity to increase production out to 2035'. — Bloomberg Trading ideas: Bumi Armada, Zetrix, Kelington, Kim Hin, Hibiscus, Johor Plantations, Ajiya, Tex Cycle, Pekat, Kimlun, Jiankun, Rimbunan Sawit, Ramssol
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