BP has made its biggest oil and gas discovery in 25 years after drilling a successful well in a field off the coast of Brazil, in a boost to the energy giant as it refocuses on fossil fuels.
The Bumerangue field lies in the Santos Basin, about 400km from Rio de Janeiro, and spans more than 300 sq km, an area roughly five times the size of Manhattan.
Gordon Birrell, BP’s head of oil production, said the “significant discovery” was the company’s largest in 25 years, in a stock exchange statement on Monday. BP shares rose 1.2 per cent in early trading.
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