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🗞️ Driving the news: BP has announced its largest oil and gas discovery in 25 years, located in the Bumerangue block of the Santos Basin, 400 km off Brazil’s east coast
• The find, covering a 500-metre hydrocarbon-bearing zone, marks a significant shift in the company's strategic focus, with plans to build a production hub at the site as it doubles down on fossil fuel development
🔭 The context: After years of positioning itself as a leader in the energy transition, BP has scaled back its renewable energy ambitions
• In February 2025, it redirected billions in capital toward oil and gas projects in response to investor concerns and underperformance relative to fossil-fuel-heavy peers
• This pivot follows earlier setbacks, including pandemic-era losses and the exit from Russian ventures post-Ukraine invasion
• The Bumerangue discovery adds to a string of recent finds in the Gulf of Mexico and Egypt
🌍 Why it matters for the planet: BP’s fossil fuel resurgence reflects growing tensions between short-term energy security and long-term climate goals
• Deepwater exploration may offer economic returns, but it deepens global dependence on hydrocarbons — challenging net-zero trajectories
• This discovery, if developed, could lock in decades of emissions-intensive infrastructure, raising critical questions for investors, regulators, and civil society over alignment with climate targets
⏭️ What's next: BP will move ahead with feasibility and production planning for the Brazilian site, likely attracting scrutiny from climate watchdogs and policymakers
• Investor sentiment may strengthen in the short term, but growing regulatory pressure in Europe and beyond could increase the cost of carbon-heavy assets
• The company’s leadership transition — with Albert Manifold replacing Helge Lund as chair — may further shape its long-term strategic direction
💬 One quote: “This is another success in what has been an exceptional year so far for our exploration team,” — Gordon Birrell, BP’s EVP for production and operations
📈 One stat:
BP’s second-quarter underlying profit reached $2.4 billion — exceeding analyst expectations by 33% — despite a 15% year-on-year drop and lower commodity prices
See on illuminem's Data Hub™ the sustainability performance of BP and its peers Shell, ExxonMobil, and TotalEnergies
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