Company renews focus on fossil fuels and believes Santos basin could be its largest find since 1999
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BP has made its largest oil and gas discovery of the past 25 years off the coast of Brazil as it continues to shift its focus back to fossil fuels.
The Santos basin oil and gas discovery, which is located in deep waters about 400km off the Brazilian coast, is the company’s 10th oil discovery of the year – but could be its largest since its discovery at the Shah Deniz gas field in Azerbaijan in 1999.
BP is carrying out further tests on the Santos discovery, which was made beneath about 2,400 metres of water, to gauge the potential of the oil and gas basin. It is likely to play a significant role in the company’s plan to increase its oil and gas production to between 2.3m to 2.5m barrels of oil equivalent a day.
