BP makes major oil and gas discovery in Brazil's Santos basin
BP, which has plans to grow its global upstream production to 2.3 million barrels to 2.5 million barrels of oil equivalent a day in 2030, said it was its largest discovery in 25 years.
The discovery comes amid BP's major strategy reversal in an attempt to turn around a weak share performance.
BP holds 100% participation in the Bumerangue block with Brazil's state-run company Pré-Sal Petróleo SA as the production sharing contract manager.
The oil firm had secured the block in December 2022 in what it said were "very good commercial terms".
Results from the rig-site analysis indicate elevated levels of carbon dioxide, BP said, adding that it would start laboratory analysis, which would give more insight into the potential of the block.
BP is set to report its second-quarter results on Tuesday.
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