BP (NYSE:BP) announced on Monday it has made a significant oil and gas discovery in Brazil’s Santos basin, marking the company’s largest find in 25 years.
The discovery is located in a pre-salt area in deep water offshore Brazil, which is believed to contain a large reservoir of oil and gas resources.
The energy giant aims to grow production to between 2.3 million and 2.5 million barrels of oil equivalent per day by 2030.
The Santos basin has become an important region for oil exploration, with its pre-salt formations known for potentially containing substantial hydrocarbon reserves.
