BP has announced its largest oil and gas discovery in 25 years off the coast of Brazil, marking a major shift back to fossil fuels.

The Bumerangue find could become a key production hub, though no reserve estimates have been released yet.

The discovery is part of BP’s strategy to boost oil and gas output, regain investor confidence, and counter falling share performance.

This is BP’s 10th discovery in 2024, with others in Trinidad, Egypt, and Brazil, CNN has reported.

The company secured the Brazilian block in 2022 and plans more drilling in the region.

Written by B.C. Begley