Fossil Energy – Brazil
BP has made its largest global oil and gas discovery in 25 years on the deepwater Bumerangue prospect in the Santos Basin offshore Brazil.
According to Reuters this may be a major boost for the British company’s strategic shift away from renewable energy to refocus on fossil fuels.
BP aims to strengthen its oil and gas portfolio to restore investor confidence and boost underperforming shares.
It said it planned to create a major new output hub at the Bumerangue discovery in Brazil, which a BP spokesperson said was probably the company’s biggest since Shah Deniz in 1999, a gas and condensate field in the Azeri part of the Caspian Sea.
“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,” said Gordon Birrell, BP’s production and operations chief.
