BP has reported its largest oil and gas discovery in a quarter‑century in Brazil’s Santos Basin, at the Bumerangue prospect in deep waters offshore Rio de Janeiro.

The well, known as 1‑BP‑13‑SPS, intersected a roughly five‑hundred‑metre hydrocarbon column in a high‑quality pre‑salt carbonate reservoir extending over more than three hundred square kilometres.

The discovery represents BP’s tenth of the year, following earlier finds in Trinidad, Egypt, Libya, Brazil and the Gulf of Mexico.

BP fully holds the Bumerangue block, which it acquired in December 2022 under commercially favourable terms, with Brazil’s Pré‑Sal Petróleo SA managing the associated production sharing contract.

Results from rig‑site analyses detected elevated carbon dioxide levels, prompting BP to begin laboratory characterisation of the reservoir and fluid samples.

Further appraisal activities are planned, subject to regulatory approval.

BP produced approximately two‑point‑four million barrels of oil equivalent per day in 2024 and expects slightly lower output in 2025.

The company has reiterated its target to maintain upstream production between two‑point‑three and two‑point‑five million barrels per day by 2030.

BP is evaluating the establishment of a major production hub offshore Brazil.

Lab results and further studies will determine the full potential of the Bumerangue field.