BP strikes major oil discovery offshore Brazil, its largest in decades
BP returned its focus to fossil fuels last year to regain investor confidence and revive underperforming shares after a troubled push into renewable energy.
Its London-listed shares rose 1.4% in early trade.
BP, which has plans to grow its global oil and gas production to 2.3 million to 2.5 million barrels of oil equivalent a day in 2030, said this was its 10th discovery so far this year, following findings in Trinidad, Egypt, Brazil and others.
Production in 2024 was 2.4 million barrels of oil equivalent. BP expects production to be lower in 2025.
The oil major, which is planning to establish a new big production hub offshore Brazil, had secured the block in December 2022 in what it said were "very good commercial terms".
BP holds 100% participation in the Bumerangue block with Brazil's state-run company Pré-Sal Petróleo SA as the production sharing contract manager.
Results from the rig-site analysis indicate elevated levels of carbon dioxide, BP said, adding that it would start laboratory analysis, which would give more insight into the potential of the block.
BP is set to report its second-quarter results on Tuesday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
13 minutes ago
- Reuters
Indian equity benchmarks open muted as investors assess Trump's tariff threat
Aug 5 (Reuters) - India's equity benchmarks opened little changed on Tuesday after U.S. President Donald Trump reiterated his threat of harsh tariffs on goods from India over its Russian oil purchases. The Nifty 50 (.NSEI), opens new tab fell 0.01% to 24,720.25 points and the BSE Sensex (.BSESN), opens new tab lost 0.09% to 80,946.43 as of 9:15 a.m. IST. Trump on Monday threatened to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries. Analysts said the ongoing trade rift has hit the market sentiment, and expect the benchmarks to be rangebound until there is clarity over U.S. tariffs. Nine of the 16 major sectors logged gains at the open. The broader smallcaps (.NIFSMCP100), opens new tab and midcaps (.NIFMDCP100), opens new tab were flat.
BBC News
an hour ago
- BBC News
BP makes biggest find in 25 years as it refocuses on fossil fuels
Energy giant BP says it has made its largest oil and gas discovery this century as it shifts its focus away from renewable energy and back to fossil UK-based firm said on Monday that it is conducting tests at the site in deep water off Brazil's west coast. The discovery could play a major role in BP's plans to increase crude oil executive Gordon Birrell says the discovery is "BP's largest in 25 years" and that the firm will explore building a production hub February, BP slashed its planned investments in renewable energy and said it would spend billions of dollars more a year on its oil and gas operations, as it aims to boost investor confidence. BP said it had found a roughly 500-metre area of oil and gas at the Bumerangue block in the Santos basin, 250 miles (400km) off Brazil's west said the discovery was the company's biggest since the Shah Deniz gas field in the Caspian Sea in find adds to BP's several other discoveries of energy reserves this year, including those in the Gulf of Mexico, which is called the Gulf of America by the administration of US President Donald Trump, and Egypt."This is another success in what has been an exceptional year so far for our exploration team", said Mr Birrell, the firm's executive vice president for production and attempt to transform itself into a "net zero" energy producer has faced major hurdles since it put the plan into action five years 2020, the Covid-19 pandemic pushed it to a $5.7bn (£4.29bn) annual also took a $25bn hit two years later from writing off a stake in its Russian energy business after the start of the Ukraine share price has also come under pressure as it pumped billions of dollars into renewable energy, while rival companies benefitted from soaring oil and gas prices in the wake of Russia's invasion of shares rose by a little over 1% in London trading after the announcement.
Reuters
6 hours ago
- Reuters
Libya's NOC signs memorandum of understanding with ExxonMobil after decade of inactivity
Aug 4 (Reuters) - Libya's National Oil Corporation said on Monday it signed a memorandum of understanding with U.S. oil giant ExxonMobil (XOM.N), opens new tab after a decade of activity halt in the North African country due to security reasons. NOC in a statement said the MoU focuses on conducting detailed geological and geophysical studies to identify the hydrocarbon resources in four offshore blocks located off the northwest coast and the country's Sirte Basin. In 2013, ExxonMobil, the world's largest publicly-traded energy company, decided to cut back its staff and operations in Libya as growing instability no longer justified a major presence. The company's decision then came amid growing concern among international oil companies that the returns on offer in Libya may not justify the security and political risks that had grown since the 2011 uprisings that swept the Middle East. Libya's oil output has been disrupted repeatedly in the chaotic decade since 2014, when the country divided between two rival authorities in the east and west following the NATO-backed uprising that toppled Muammar Gaddafi in 2011.
