BP Makes its Largest Oil, Gas Discovery this Century in Brazil

Energy giant BP says it has made its largest oil and gas discovery this century as it shifts its focus away from renewable energy and back to fossil fuels.

The UK-based firm said on Monday that it is conducting tests at the site in deep water off Brazil’s east coast.

The discovery could play a major role in BP’s plans to increase crude oil production.

Company executive Gordon Birrell says the discovery is “BP’s largest in 25 years” and that the firm will explore building a production hub there.

In February, BP slashed its planned investments in renewable energy and said it would spend billions of dollars more a year on its oil and gas operations, as it aims to boost investor confidence.

BP said it had found a roughly 500-metre area of oil and gas at the Bumerangue block in the Santos basin, 250 miles or 400 kilometres off Brazil’s east coast.

It said the discovery was the company’s biggest since the Shah Deniz gas field in the Caspian Sea in 1999.