BP announced on Monday that it had made its biggest oil and gas discovery in 25 years off the coast of Brazil, coming at a crucial time for the energy giant as it shifts back to its fossil fuel business and aims to boost dwindling revenues.
The discovery comes as a boost to the struggling energy major as it undergoes a major overhaul to focus on its more profitable oil and gas business, shelving its once industry-leading renewable energy strategy.
The company said that it had located oil and gas at the Bumerangue prospect, 404 kilometers (251 miles) from Rio de Janeiro, in a water depth of 2,372 meters.
"This is another success in what has been an exceptional year so far for our exploration team, underscoring our commitment to growing our upstream," said Gordon Birrell, BP's executive vice president for production and operations.
It marks the 10th discovery by BP in 2025.
Shares in the company rose more than 1% on London's top-tier FTSE 100 index following the announcement.
BP is ramping up its global exploration program, with around 40 wells planned over the next three years, including as many as 15 to be drilled this year.
The group anticipates increasing its daily global output to between 2.3 million and 2.5 million barrels of oil equivalent by 2030.
"BP will want to use its latest numbers to convince the market it has truly revamped its strategy and moved away from the green push, which proved unpopular with a significant portion of its shareholder base," said AJ Bell investment director Russ Mould.
BP publishes its latest earnings on Tuesday, after rival Shell reported a 23% decline in first-half net profit last week, hit by lower oil and gas prices.
