BP hails Brazil block as its largest global oil and gas find in 25 years

Written by Shashia Nasala and Yadarisa Shabung

(Reuters), BP has achieved the largest global oil and gas discovery in 25 years in the Brazilian Santos Basin, he said on Monday, in what may serve as a big boost to the British company’s strategic shift away from renewable energy to re -concentrate fossil fuels.

BP seeks to enhance oil and gas in its portfolio to restore the investor’s confidence and revive the weak shares.

She said she was planning to create a major major output center in the discovery of BUMERANGUE in Brazil, who said a BP spokesman may have been the largest company since Shah Deniz in 1999, a gas and condensed field in the Azerbaijani part of the Caspian Sea.

Shah Deniz, which is about a trillion cubic meters of gas and 2 billion barrels of condensate at first, produced 28 billion cubic meters of gas last year, according to Ptrich Petroleum.

The company did not provide any backup of the Brazilian bloc.

“Brazil is an important country for BP, and our ambition is to explore the possibilities of establishing a center for material production and benefits in the country,” said Gordon Pirel, Chief Production and Operations at British Petroleum.

BP shares have gained 1.3 % by 1107 GMT, outperforming the performance of a wider index for European energy companies that rose 0.1 %.

“This discovery may be well seen, the BP portfolio is well stretched in the thirties/1940s, and this was the biggest problem and anxiety,” Irene Hemona, a Bernstein analyst, said in a note.

“Although we cannot extrapolate it because it is very early, every well and every different tank, we believe that the data is … Support provides that the potential range for discovering BP 100 % may be a changing games.”

Jane Paul Brets, the former CEO of the country’s oil -run oil company, wrote on social media, with a warning that the high -content fields of carbon dioxide in the associated gas are “non -economic”, with a warning that the high -content fields of carbon dioxide in the associated gas “non -economic”, with a warning that the fields with high content from the second Carbon oxide in the associated gas “non -economic”.

The associated gas is a secondary result of oil production, and is mixed with oil in the tanks or as a cover over the oil.

“BP has yet to reveal the level of carbon dioxide in Pomranjoy,” BPs wrote, adding that this “will eventually determine the ability of Pomerango.”

BP said in its announcement on Monday that the results of the analysis of isolated sites indicate high levels of carbon dioxide.

He did not immediately respond to questions about the economic feasibility of the field that Brets raised.

Petrich Petroleum, which expected its production of oil and gas in 2.3 million to 2.5 million barrels of the equivalent of oil per day by 2030, said this is its tenth discovery this year, after results in Trinidad, Egypt, Brazil and others.

The company produced 2.4 million barrels of the equivalent of oil in 2024 and expects production to decrease this year.

BP secured BUMERANGUE bloc in the Santos Basin away from the Brazilian coast in the formation of “before salt” below the ocean floor in December 2022 with what he said was “very good trade terms”.

The Shell competitor in London this year made a final investment decision for another project in the Santos Basin.

BP was appointed to report the results of the second quarter on Tuesday.

(I participated in the reports of Yadarisa Shabung in Bangaluru and Shadia Nasala in London; she participated in additional reports by Fabio Texira and Marta Nugra in Rio de Janeiro; edited by Mrgank Dhaniwala, Emelia Sithole-MATARISE and Nick Zeminski)