BP has made its largest oil and gas discovery in 25 years at the Santos basin, situated 400km off Brazil's coast. This marks BP's 10th oil discovery in 2023, with significant potential for increasing its production to 2.3 to 2.5 million barrels of oil equivalent daily. The company is conducting further tests on the discovery at depths of 2,400 meters. BP is returning to fossil fuels after previously attempting to reduce hydrocarbon production, and Brazil is becoming an essential area, potentially serving as a major production hub.
BP's latest discovery in the Santos basin, located 400km off Brazil's coast, is expected to significantly contribute to boosting its oil and gas production to between 2.3m to 2.5m barrels of oil equivalent per day.
After experiencing setbacks in its plan to transition toward greener energy, BP has made a strategic shift back to focusing on fossil fuels, marking this as its 10th oil discovery this year.
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