Overview

• The Bumerangue prospect delivered BP’s biggest global oil and gas discovery since 1999 and represents its tenth successful find of 2025.
• Early rig-site analysis revealed elevated carbon dioxide levels in reservoir samples, which could complicate extraction economics.
• BP will conduct further appraisal activities and laboratory testing to assess reservoir characteristics and estimate recoverable volumes.
• The company is evaluating the establishment of a material production hub in Brazil to secure long-term upstream capacity into the 2030s and beyond.
• Shares gained about 1.3% following the announcement, reflecting investor support for BP’s pivot back to fossil fuels and its 2030 output target of 2.3–2.5 million barrels of oil equivalent per day.