bp reports major discovery offshore of Brazil

bp has announced a significant oil discovery at its 100%-owned Bumerangue block in Brazil’s Santos Basin, marking the company’s largest exploration success in a quarter century and reinforcing its upstream growth ambitions.

bp announced an oil and gas discovery at the Bumerangue prospect in the deepwater offshore Brazil. (Image: bp)

The 1-BP-13-SPS exploration well was drilled in 2,372 meters of water to a total depth of 5,855 meters. Located 404 kilometers (218 nautical miles) off the coast of Rio de Janeiro, the well intersected a gross hydrocarbon column of approximately 500 meters within a high-quality pre-salt carbonate reservoir. According to bp, the reservoir covers more than 300 square kilometers and was encountered roughly 500 meters below the crest of the structure.

“This is another success in what has been an exceptional year so far for our exploration team,” said Gordon Birrell, bp’s executive vice president for Production & Operations. “We are excited to announce this significant discovery at Bumerangue, bp’s largest in 25 years. Brazil is an important country for bp, and our ambition is to explore the potential of establishing a material and advantaged production hub in the country.”

Initial rig-site analysis indicated elevated levels of carbon dioxide in the hydrocarbon sample. bp has initiated laboratory testing to further characterize the reservoir and fluids, with additional appraisal activity planned pending regulatory approval.

The discovery comes less than three years after bp secured the block in December 2022 during Brazil’s 1st Cycle of the Open Acreage Production Sharing round administered by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). The Production Sharing Contract is managed by Pré-Sal Petróleo S.A.

The Bumerangue find is bp’s tenth exploration discovery announced in 2025. So far this year, the company has reported finds 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), as well as discoveries through Azule Energy—its 50-50 joint venture with Eni—in Namibia and Angola.

bp is targeting global upstream production of 2.3 to 2.5 million barrels of oil equivalent per day by 2030, with capacity to grow through 2035, as part of its broader strategy to deliver secure, profitable, and lower-carbon energy.