British energy giant BP has announced a major offshore oil and gas discovery in Brazil’s Santos Basin, marking its largest such find in over two decades.
The company revealed on August 4 that it struck oil in the Bumerangue Block, located approximately 250 miles off Brazil’s southeastern coast in 7,782 feet of water. BP acquired full ownership of the block in 2022.
According to the company, preliminary data from the exploratory well shows a high-quality carbonate reservoirextending across more than 117 square miles. Carbonate formations are known for their excellent storage and flow capabilities, suggesting strong production potential.
The discovery also revealed a hydrocarbon column exceeding 1,640 feet, signaling the possibility of a substantial reserve.
However, the extracted fluids contain high levels of carbon dioxide, which will require advanced processing technologies to refine and manage emissions, the company said.
BP said it plans to conduct further analysis to evaluate the reservoir and fluid properties. Some activities are already underway, while others are pending approval from Brazilian regulators.
The Bumerangue find is BP’s 10th major discovery, following recent successes in Trinidad and Tobago, Egypt, and the Gulf of Mexico.
BP has set a target to boost its daily global production to between 2.3 million and 2.5 million barrels by 2030. As part of that plan, the company will drill an additional exploratory well in Brazil’s Tupinambá Block next year.
