LatinNews Daily - 05 August 2025

*British multinational oil and gas company BP has announced a discovery in an exploratory well in the Bumerangue oil and gas block of the Santos Basin, which is near Brazil’s south-eastern coastline. In a statement, the firm’s executive vice president for production and operations, Gordon Birrell, is cited as saying that the discovery is the largest that BP has made in the past 25 years. The deposit in the block is estimated to cover an area greater than 300km². The next step will be laboratory analysis to further assess the potential of the newly discovered oil and gas reserve, before proceeding to further regulatory procedures. BP has held the concession for the Bumerangue block since 2022. In the statement Birrell affirms BP’s commitment to exploring the hydrocarbon potential that Brazil has to offer.

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