The British energy company BP announced the discovery of the largest oil and gas field in the last 25 years in the deep-sea Brazilian Santos Basin. About this informs Reuters.
The discovery could be a major milestone for BP amid its strategic shift from prioritizing renewable energy back to fossil fuels. According to the company, Shah-Deniz, with initial reserves of about 1 trillion cubic meters of gas and 2 billion barrels of condensate, produced 28 billion cubic meters of gas in 2023. A reserve estimate for the new Brazilian field has not yet been released.
“The data confirms that the potential scale of this BP discovery could be a game-changer”, – analysts note.
BP, which forecasts production between 2.3 and 2.5 million barrels of oil equivalent per day by 2030, said the new field was the company’s tenth discovery of 2025. Earlier this year, it already announced the opening of new deposits in Trinidad, Egypt, Brazil and other countries.
In 2024, BP’s daily production was 2.4 million barrels of oil equivalent, but the company expects it to decline this year. BP also reported that the first results from the Brazilian block indicate an increased level of carbon dioxide. Additional studies should provide a deeper understanding of the field’s potential as part of an expanded drilling program in Brazil.
