BP recently announced a significant oil and gas find in Brazil’s Santos Basin, marking the company’s largest discovery in 25 years. Revealed on August 4, 2025, this discovery could be a key part of BP’s strategy to shift back towards fossil fuels and strengthen its portfolio.
The find at Bumerangue is particularly noteworthy as BP looks to rebuild investor confidence amid declining shares. The company hasn’t disclosed exact reserve estimates, but it aims to establish a major production hub there, similar to its Shah Deniz discovery in Azerbaijan from 1999.
This announcement arrives at a peculiar time, just months before COP30, the global climate conference scheduled to take place in the heart of the Amazon. Critics are quick to point out the irony; as world leaders gather to discuss climate action, BP is focusing on expanding fossil fuel production, which many believe contributes to climate change.
Anne Jellema, Executive Director of 350.org, expressed concerns about BP’s commitment to the environment. “While BP celebrates a new fossil fuel stash, the planet pays the price,” she said. This sentiment echoes the worry of many climate activists who argue that fossil fuel dependency is unsustainable.
Recent statistics back this up, showing that global CO₂ levels reached alarming highs in 2022, fueling disastrous events like wildfires and extreme weather. These trends highlight the urgency for reduced fossil fuel use.
Despite the pushback, BP’s stock reacted positively to the news, rising by 1.3%, outperforming some competitors in the energy sector. Analysts like Irene Himona from Bernstein believe this find could extend BP’s production capabilities into the 2030s and 40s, an important consideration for investors.
Jean Paul Prates, a former CEO of Petrobras, warned that high CO₂ levels associated with some of Brazil’s fields could make such projects unfeasible. The presence of elevated CO₂ levels in Bumerangue is a serious red flag, raising questions about the project’s economic viability.
As BP continues to explore this discovery, the intersection of corporate interests and environmental sustainability remains a heated topic. Will BP strike a balance between profit and planet, or will it become emblematic of a larger trend where short-term gains overshadow long-term environmental needs? Only time will tell.
For more information on the implications of fossil fuel discoveries in the context of climate change, check out resources from the Intergovernmental Panel on Climate Change (IPCC).
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BP,Brazil,climate change,Climate progress,COP30,Santos Basin
