BP has made its largest oil and gas field discovery in 25 years at a site off of the coast of Brazil.

The site, which is located at Bumerangue, is the oil and gas giant’s tenth discovery in 2025 to date, following discoveries in countries including Trinidad, Egypt and Namibia.

The announcement comes as bp looks to increase its global upstream production to between 2.3 million and 2.5 million barrels of oil equivalent a day in 2030, with the capacity to increase production out to 2035.

BP has recently stated that it is scaling back its focus on its low carbon energy portfolio, while increasing its oil and gas investments to approximately $10bn per annum, in order to deliver "value for shareholders".

Investment director at AJ Bell, Russ Mould, stated: "If BP wanted a piece of news to convince the markets of its renewed focus on hydrocarbons ahead of its second-quarter numbers later this week then its biggest oil discovery in a quarter of a century provides it.

"The full significance of the find in Brazil will take time to establish, and there are initial suggestions it could be challenging to develop given elevated levels of carbon dioxide being detected, but it certainly helps with the narrative.

"With a new chair in place, BP will want to use its latest numbers to convince the market it has truly revamped its strategy and moved away from the green push which proved unpopular with a significant portion of its shareholder base."

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