BP Makes Its Biggest Oil Discovery in 25 Years Offshore Brazil

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)-- BP (London, England) announced a new oil discovery at the Bumerangue Block, in the Santos Basin, offshore Rio de Janeiro, Brazil. This represents BP's 10th oil discovery this year, and it could be the largest in the last 25 years.

The well was drilled to a total depth of 5,855 meters, where it penetrated an estimated 500 metres gross hydrocarbon column of high-quality pre-salt carbonate reservoir with an area of over 300 square kilometres.

The company will take the results to be analyzed in a laboratory for further appraisal, though the results look promising.

"We are excited to announce this significant discovery at Bumerangue, BP's largest in 25 years. This is another success in what has been an exceptional year so far for our exploration team, underscoring our commitment to growing our upstream. Brazil is an important country for BP, and our ambition is to explore the potential of establishing a material and advantaged production hub in the country," said Gordon Birrell, BP's executive vice president for Production & Operations.

BP owns 100% of the stake at the Bumerangue Block with Pré-Sal Petróleo S.A. (Rio de Janeiro) as the production sharing contract manager.

BP holds interest in eight offshore blocks in Brazil and operates three of them. Recently, the company drilled an appraisal well at the Alto de Cabo Frio Central asset, and it is expected to drill an exploratory well at the Tupinamba Block next year.

With Bumberague's discovery, the company plans to reach a global upstream production between 2.3 million barrels per day (BBL/d) of oil and 2.5 million BBL/d by 2030.

Brazil continues to be an upstream success for companies operating in the sector. The country reached an oil output of 4.9 million barrels of oil equivalent per day in June, representing a new country record. Pre-salt output, oil formations like that of Bumerangue, represented 78.8% of the volumes.

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