BP (NYSE:BP) reported on Monday that it has made a major oil and gas find in Brazil’s Santos basin, representing the firm’s most significant discovery in a quarter-century.
The discovery is situated in a pre-salt region in the deep waters off the coast of Brazil, which is thought to hold a vast reservoir of oil and gas.
The energy major has a goal to increase production to between 2.3 million and 2.5 million barrels of oil equivalent daily by 2030.
The Santos basin has developed into a key area for oil exploration, as its pre-salt structures are known for their potential to contain considerable hydrocarbon deposits.
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