4th Aug 2025 10:02
(Alliance News) - BP PLC on Monday reported new oil and gas findings at its Bumerangue offshore mining block, calling the discovery its "largest in 25 years".
The London-based oil major has 100% participation in the deep water prospect, which is located in the Santos Basin, around 404 kilometres from Rio de Janiero.
BP drilled the 1-BP-13-SPS well to a depth of 5,855 metres, with initial rig-site results suggesting high levels of carbon dioxide.
The well intersected a reservoir of "high-quality pre-salt carbonate", the company said, roughly 500 metres below the crest of a hydrocarbon column. The column measured gross 500 metres, with an area of more than 300 square kilometres.
The firm on Monday said it will "begin laboratory analysis to further characterise the reservoir and fluids discovered", with further appraisals planned, subject to regulator consent.
"We are excited to announce this significant discovery at Bumerangue, BP's largest in 25 years. This is another success in what has been an exceptional year so far for our exploration team," said Chief Executive Gordon Birell.
"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."
Back in December 2022, during the first cycle of production sharing with the Brazilian National Petroleum Agency, BP acquired Bumerangue on what it described as "good commercial terms". Pre-Sal Petroleo SA, a mine operator owned by the Brazilian government, is Bumerangue's production sharing contract manager.
BP has interest in eight Brazilian offshore blocks, including 50% in Alto de Cabo Frio, which is operated by Rio de Janiero-based miner Petroleo Brasileiro SA, and has drilling plans for another Brazilian site, Tupinamba, in 2026.
The Bumerangue discovery is BP's tenth so far in 2025. It comes after oil and gas findings at Alto de Cabo, as well as in Trinidad, Egypt, Libya, Namibia, Angola and the Gulf of Mexico.
The firm is targeting an upstream production range from 2.3 million to 2.5 million barrels of oil equivalent per day in 2030.
Also on Monday, BP announced the formation of Jera Nex BP, a London-based offshore wind joint venture with Japanese power company Jera Nex. Ownership is split 50-50 between the two firms.
An operating subsidiary, Jera Nex BP Japan, will be run by Masato Yamada, a former managing executive at Jera, who reports to the chief executive of Jera Nex BP, Nathalie Oosterlinck.
The combined entity is estimated to have a net potential generating capacity of 13 gigawatts, including installed capacity of 1GW, a development pipeline of 7.5GW and leases for a further 4.5GW.
The project will start by focusing on "its existing global pipeline while continuing to safely and efficiently operate existing assets in Europe and Asia," BP said.
"We bring together two highly capable teams with the experience, relationships, purchasing power and unique global access of two of the East and West's pre-eminent energy companies," Oosterlinck commented.
"This gives us the expertise and experience to find new ways to create value from offshore wind and become one of the world's leading companies in the sector."
Takehilo Matsuo, vice minister of International Affairs for the Japanese Ministry of Economy, Trade & Industry, called the project a "meaningful" partnership between the UK and Japan.
BP shares were up 1.0% at 402.65 pence on Monday morning in London. The stock has fallen 6.6% in the past 12 months.
By Holly Munks, Alliance News reporter
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