British petrochemical company BP announced that it has made the largest oil and gas discovery of the 21st century, the BBC reported on Tuesday. The field is located about 400 km off the east coast of Brazil. BP's share price on the London Stock Exchange rose by more than 1 percent following the announcement.
The company's executive vice president of production, Gordon Birrell, said in a statement released Monday that the new field is “BP's largest discovery in 25 years.” He said the company will consider building a production center there.
The company believes this is the largest discovery since the discovery of the Shah Deniz gas field in the Caspian Sea in 1999.
BP also discovered many other deposits in 2025, including in the Gulf of Mexico and Egypt.
The BBC reported that in February, BP drastically reduced its planned investments in renewable energy. The company announced at the time that it intended to allocate billions of dollars annually to its oil and gas business to bolster investor confidence. This move was linked to the crises that have hit the company over the past five years, including the fallout from the Covid-19 pandemic and Russia's full-scale invasion of Ukraine.
BP, along with ExxonMobil and Shell, is one of the largest petrochemical companies in the world.
From London Marta Zabłocka (PAP)
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