BP (LSE:BP.) has revealed a significant new oil and gas find in the Santos Basin off Brazil’s coast, its largest discovery in the past 25 years. Situated in the deepwater pre-salt zone, the reservoir is expected to hold substantial resources, reinforcing the region’s status as a key area for energy exploration.
The company aims to boost its production capacity to between 2.3 and 2.5 million barrels of oil equivalent per day by 2030, capitalizing on this major discovery to support its long-term growth objectives.
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