Latest news with #Bumerangue
Economist
4 days ago
- Business
- Economist
South America is fast becoming the world's hottest oil patch
I t was a rare day of good news for Britain's beleaguered oil giant. On August 5th BP not only announced a quarterly profit of $2.4bn on its preferred measure, a third higher than analysts had expected. It also unveiled an enormous oil discovery, dubbed Bumerangue, some 400km off the coast of Rio de Janeiro. It is the company's largest find in 25 years.
Sinar Daily
6 days ago
- Business
- Sinar Daily
BP makes largest oil, gas discovery in 25 years off Brazil
The company said it had located oil and gas at the Bumerangue prospect, 404 kilometres (251 miles) from Rio de Janeiro, in a water depth of 2,372 metres. 05 Aug 2025 08:53pm BP is ramping up its global exploration programme, with around 40 wells planned over the next three years, including as many as 15 to be drilled this year. - AFP file photo LONDON - Britain's BP announced Monday it made its biggest oil and gas discovery in 25 years off the coast of Brazil, as it shifts back to its fossil fuel business. The discovery comes as a boost to the struggling energy major as it undergoes a major overhaul to focus on its more profitable oil and gas business, shelving its once industry-leading renewable energy strategy. The company said it had located oil and gas at the Bumerangue prospect, 404 kilometres (251 miles) from Rio de Janeiro, in a water depth of 2,372 metres. "This is another success in what has been an exceptional year so far for our exploration team, underscoring our commitment to growing our upstream," said Gordon Birrell, BP's executive vice president for production and operations. It marks the 10th discovery by BP in 2025. Shares in the company rose more than one percent on London's top-tier FTSE 100 index following the announcement. BP is ramping up its global exploration programme, with around 40 wells planned over the next three years, including as many as 15 to be drilled this year. The group expects to grow its daily global output to between 2.3 million and 2.5 million barrels of oil equivalent in 2030. "BP will want to use its latest numbers to convince the market it has truly revamped its strategy and moved away from the green push which proved unpopular with a significant portion of its shareholder base," said AJ Bell investment director Russ Mould. BP publishes its latest earnings on Tuesday, after rival Shell last week reported a 23-percent slide in first-half net profit, hit by lower oil and gas prices. - AFP More Like This
TimesLIVE
6 days ago
- Business
- TimesLIVE
BP hails Brazil block as its largest global oil and gas find in 25 years
BP has made its largest global oil and gas discovery in 25 years in Brazil's Santos basin, it said on Monday, in what may be a major boost for the British company's strategic shift away from renewable energy to refocus on fossil fuels. BP is seeking to bolster oil and gas in its portfolio to regain investor confidence and revive underperforming shares. It said it planned to create a major new output hub at the Bumerangue discovery in Brazil, which a BP spokesperson said was probably the company's biggest since Shah Deniz in 1999, a gas and condensate field in the Azeri part of the Caspian Sea. Shah Deniz, with about 1-trillion cubic metres of gas and 2-billion barrels of condensate initially in place, produced 28-billion standard cubic metres of gas last year, according to BP. The company gave no reserve estimate for the Brazilian block. 'Brazil is an important country for BP, and our ambition is to explore the potential of establishing a material and advantaged production hub in the country,' said Gordon Birrell, BP's production and operations chief.
Yahoo
7 days ago
- Business
- Yahoo
BP confirms biggest oil and gas field discovery in 25 years – three times the size of Paris
Energy giant BP has announced its biggest oil and gas field discovery in 25 years after a drilling off the coast of Brazil. The company's vice president for oil production, Gordon Birrell, said it was a 'significant discovery' and the largest since 1999, when a giant gasfield in the Caspian Sea was discovered. It is expected to contain a mix of gas and oil as well as condensate, which is a liquid form of natural gas. The size of the field in the Bumerangue prospect is more than 300 square kilometres – about three times the size of central Paris. The discovery comes days after US president Donald Trump told the UK to explore the North Sea oil reserves for further extraction, claiming it a better source of energy and a 'treasure chest' for the UK. Keir Starmer responded that oil and gas would 'be part of the mix' amid an increasing use of renewable energies. Rachel Reeves added that it is not an 'either-or' scenario. It is not clear how much might be extricated from the Brazil site by BP, due to elevated carbon dioxide levels which can complicate gas and oil extraction, as well as increase costs. Additional tests will be carried out to work out how much may be extricated. The company said it holds 'very good commercial terms' on the region after they won 100 per cent of the rights to the field in 2022 as the only bidder. BP are also set to move forward with plans to open a 'big production hub' in Brazil, Reuters reported. 'We are excited to announce this significant discovery at Bumerangue, bp's largest in 25 years,' Mr Birrell said. 'This is another success in what has been an exceptional year so far for our exploration team, underscoring our commitment to growing our upstream. 'Brazil is an important country for BP, and our ambition is to explore the potential of establishing a material and advantaged production hub in the country.' Bumerangue is BP's tenth field discovery in 2025, with others mostly in Africa and South America. The large discovery will be seen as a big win for the energy firm, which has endured a largely difficult few years. A pivot towards sustainable fuels was not well-received by all investors, resulting in an about-face and the removal of Bernard Looney as CEO, with Murray Auchincloss taking over. Earlier this year the company said it would further scale back renewable efforts and cancelled an earlier pledge to not explore further for gas and oil outside existing projects. Meanwhile, chairman Helge Lund will be stepping down from his position with Albert Manifold set to replace him in October, in what BP hope will mark a reset moment following Lund's involvement in the abandoned renewables focus. BP's share price rose just over 1 per cent on Monday morning after news of the new discovery, but remains almost 10 per cent down over the past year. In June it was reported to be the subject of a takeover bid by British rival Shell, which was rejected by the larger firm. Sign in to access your portfolio
The Independent
7 days ago
- Business
- The Independent
Energy giant discovers its largest oil and gas field in 25 years
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. BP confirms biggest oil and gas field discovery in 25 years – three times the size of Paris
