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Highlights:

  • BP announces 500-metre hydrocarbon column at Bumerangue offshore Brazil
  • Bumerangue is BP’s tenth exploration discovery in 2025 across global regions
  • Laboratory testing and further appraisal activities planned following rig-site findings

BP p.l.c. (LSE:BP.) has announced an oil and gas discovery at the Bumerangue prospect, located in Brazil's deepwater Santos Basin, marking its most substantial discovery in over two decades. The find was made through exploration well 1-BP-13-SPS, situated 404 kilometres offshore from Rio de Janeiro in a water depth of 2,372 metres. The well was drilled to a total depth of 5,855 metres and encountered a gross hydrocarbon column of approximately 500 metres in high-quality pre-salt carbonate reservoir. The reservoir is estimated to span an area greater than 300 square kilometres. Importantly, the hydrocarbons were encountered around 500 metres below the crest of the structure.

According to initial rig-site analysis, elevated levels of carbon dioxide were also recorded in the reservoir. BP stated that further laboratory analysis will be conducted to characterise both the fluids and reservoir quality more thoroughly. The findings from this work will contribute to a better understanding of the potential development scope of the Bumerangue block. The company has confirmed that additional appraisal activities are being planned, pending regulatory approvals. BP holds 100% participation in the block, with Pré-Sal Petróleo S.A. acting as the Production Sharing Contract manager. The block was awarded to BP in December 2022 as part of Brazil’s 1st Cycle of the Open Acreage of Production Sharing held by the ANP (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis).

The Bumerangue discovery is the tenth exploration success for BP in 2025, adding to previously announced discoveries in Trinidad (Beryl and Frangipani), Egypt (Fayoum 5 and El King), the Gulf of Mexico (Far South), Libya (Hasheem), and Brazil (Alto de Cabo Frio Central). Additional discoveries were also made in Namibia and Angola through Azule Energy, BP’s 50-50 joint venture with Eni. This discovery aligns with BP's strategic upstream growth plans. The company has stated its intention to increase its global upstream production to a range of 2.3 to 2.5 million barrels of oil equivalent per day by 2030, with the capacity for further growth through 2035.

BP is trading 1.50% higher at  GBX 404.68 per share as of 4 August 2025.