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Natural gas

BP Discovers Largest Oil and Gas Field in 25 Years

Strategic Insights

— 1 min read

BP has made its biggest oil and gas discovery in over a quarter century, as the company shifts its focus back to fossil fuels. The discovery was made after drilling a well off the coast of Brazil, in the Bumerangue oil field, approximately 250 miles offshore from Rio de Janeiro. The find is estimated to be the largest since the Shah Deniz gas field in the Caspian Sea in 1999.

Key Takeaways:

  • BP's discovery is its tenth in 2025 and is estimated to be its largest since the Shah Deniz gas field in the Caspian Sea in 1999.
  • The company has shifted its focus from net zero ambitions to extracting more oil and gas, following pressure from investors.
  • The Bumerangue oil field discovery is expected to begin producing oil between 4 to 10 years, depending on technical challenges faced.
  • BP's upstream portfolio longevity may extend into the 2030s/40s, according to analyst Irene Himona.
  • The company has made previous discoveries in Trinidad, Egypt, Libya, Brazil, and the Gulf of Mexico, in addition to a joint exploration with Eni in Namibia and Angola.
  • BP has raised its forecast for oil and gas production, but quarterly earnings will be weighed down by lower oil and gas prices.
  • The discovery is a significant find for the company, particularly in Brazil, where BP aims to establish a material and advantaged production hub.

Statistics:

  • The Bumerangue oil field discovery is BP's tenth in 2025, and its largest since the Shah Deniz gas field in the Caspian Sea in 1999.
  • The well is located approximately 250 miles offshore from Rio de Janeiro, Brazil.
  • The expected production timeline for the Bumerangue oil field is between 4 to 10 years, depending on technical challenges faced.
  • BP's upstream portfolio longevity may extend into the 2030s/40s, according to analyst Irene Himona.
  • The company has raised its forecast for oil and gas production.
  • Quarterly earnings will be weighed down by lower oil and gas prices.

Sources:

  • BP
  • Gloria Musu-Borjesson, Holly Williams (Source not provided)
  • Irene Himona, Bernstein

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