Jin10 data reported on August 4th that BP (BP.N) announced that the company has made its largest discovery in 25 years in the deep waters off the coast of Brazil, which is a boon for the company as it seeks to reverse years of poor performance. BP stated on Monday that they discovered an oil and gas reservoir approximately 500 meters thick in the Bumerangue Block in the Santos Basin, but did not provide further details. This year, oil and gas have also been discovered in Trinidad and Tobago, the Gulf of Mexico, and Egypt. The energy giant stated in a release: “This is yet another success for our exploration team in what has been an extraordinary year so far.” “Our goal is to explore the potential to establish a material and advantage production center in Brazil.”
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