BP is preparing to drill test wells in Brazil to determine whether its largest oil discovery in 25 years is commercially viable.
The energy company found a notable hydrocarbon deposit 5,855 metres deep at the Bumerangue block in the Santos basin, roughly 400 kilometres south of Rio de Janeiro, in August 2025. BP will drill three appraisal wells by mid-2027 to measure the size, quality, and quantity of the oil.
Initial estimates put the vertical hydrocarbon column at roughly 500 metres. However, a BP update issued in late October revealed the discovery actually spans a total hydrocarbon column of about 1,000 metres. This includes a 100-metre crude oil column and a 900-metre gas-condensate column.
The reservoir consists of high-quality pre-salt carbonate rocks and covers an area larger than 300 square kilometres, roughly the size of Paris.
It forms a massive underground reservoir holding large quantities of oil and gas under challenging geological conditions, making the discovery highly significant for the company and the energy market.
BP is currently running laboratory tests to determine the reservoir’s characteristics, its gas-to-oil and condensate-to-gas ratios, and to estimate volumes. Appraisal planning is underway, and drilling should begin in early 2027, subject to regulatory approvals.
Gordon Birrell, BP’s executive vice president of production and operations, said: “This year has seen significant delivery for BP’s upstream business, with six major project start-ups, a further five sanctioned and a sequence of discoveries, including Bumerangue. While still in exploration phase, initial results are encouraging, indicating a large hydrocarbon column and material volume of liquids in the reservoir.”
BP announced from the outset that it was looking for a partner to exploit the deposit. According to the announcement, this process could take one to two years, with the goal of securing a deal before making a final investment decision.
Petrobras, Brazil’s state-owned oil company, is a potential partner, according to Andre Guevara, head of BP Brazil. Analysts had already tipped Petrobras as the frontrunner.