British Petroleum Claims Biggest Oil Discovery In 25 Years

British Petroleum (BP) claims to have made its largest oil and natural gas discovery in 25 years off the coast of Brazil.

The discovery comes as the British oil major moves away from renewable energy and refocuses on fossil fuels and hydrocarbons.

BP, as the company is known, says it plans to create a major new output hub at the Bumerangue oil discovery in Brazil.

In a statement, the company said the Brazil deposit, which includes natural gas, is its biggest energy discovery since the Shah Deniz oil field in the Caspian Sea was located in 1999.

Shah Deniz, with around one trillion cubic meters of natural gas and two billion barrels of oil, produced 28 billion cubic meters of gas in 2024.

So far, BP has not provided a specific reserve estimate for the Brazilian oil and natural gas field.

However, BP said the new Brazil field is its 10th energy discovery this year, following findings in Trinidad, Egypt, and several other nations around the world.

News of the Brazil finding was made a day before British Petroleum was scheduled to report its second-quarter financial results.

BP stock has risen 9% this year to trade at $32.49 U.S. per share in New York.