Overview

• BP’s latest exploratory well in the Bumerangue Block intersected a 500-metre-thick hydrocarbon layer beneath 2,370 metres of water at a deposit spanning over 300 square kilometres.
• Initial platform readings showed elevated carbon dioxide concentrations that the company is now examining through laboratory analyses to determine their impact on future production.
• BP plans additional appraisal wells in the Santos Basin to refine estimates of the reservoir’s size and composition before moving to development stages.
• The find represents BP’s tenth major discovery of 2025 and supports its strategy to boost output to 2.5 million barrels of oil equivalent per day by 2030.
• The Bumerangue Block concession, secured in December 2022, underpins BP’s renewed fossil fuel focus led by CEO Murray Auchincloss with influence from activist investor Elliott Management.