BP identifies significant hydrocarbon discovery in Brazil's Santos Basin

In August 2025, BP announced a major hydrocarbon discovery at the Bumerangue offshore block in the Santos Basin, located 400 kilometres south of Rio de Janeiro. The exploratory well, drilled to a depth of 5,855 metres, revealed a reservoir composed of pre-salt carbonate rocks covering more than 300 square kilometres. While initial estimates suggested a hydrocarbon column of 500 metres, a BP update in late October revised this figure to approximately 1,000 metres. This total column consists of 100 metres of crude oil and 900 metres of condensate-rich natural gas. The company is currently conducting laboratory testing to evaluate gas-to-oil and condensate-to-gas ratios along with recoverable volumes. To determine commercial viability, BP plans to drill three dedicated appraisal wells by mid-2027. This project represents the company's largest oil and gas discovery in 25 years. Further development remains subject to regulatory approvals and ongoing technical assessments.