BP has made its largest discovery in 25 years with a new hydrocarbon find in the Santos Basin, off Rio de Janeiro, the company announced on Monday, August 4.
According to the release, BP drilled exploration well 1-BP-13-SPS at the Bumerangue block, located in the Santos Basin, 404 kilometres (218 nautical miles) from Rio de Janeiro, in a water depth of 2,372 metres.
The well was drilled to a total depth of 5,855 metres.
“The well intersected the reservoir about 500 metres below the crest of the structure and penetrated an estimated 500 metre gross hydrocarbon column in high-quality pre-salt carbonate reservoir with an areal extent of greater than 300 square kilometres,” the company said, adding that results from the rig-site analysis indicate elevated levels of carbon dioxide.
The company will now begin lab testing to further characterize the reservoir and fluids discovered, with more appraisal activities planned, subject to regulatory approval.
“We are excited to announce this significant discovery at Bumerangue, bp’s largest in 25 years” said Gordon Birrell, bp’s executive vice president for production and operations.
“Brazil is an important country for bp, and our ambition is to explore the potential of establishing a material and advantaged production hub in the country,” he added.
BP holds 100% participation in the block with Pré-Sal Petróleo S.A. as the Production Sharing Contract manager.
The Bumerangue block was awarded to bp in December 2022, with terms including 80% cost oil and 5.9% profit oil.
Bumerangue is bp’s tenth discovery so far this year. Other oil and gas exploration discoveries have been made in Trinidad, Egypt, Gulf of America, Libya, Namibia, Angola and another in Brazil, with the company aiming to grow its global upstream production to 2.3-2.5 million barrels of oil equivalent a day in 2030.
