BP has discovered the largest oil field in Brazil in 25 years

Multinational oil and gas company BP has discovered the largest oil and gas field off the coast of Brazil in the last 25 years. This was reported on August 4 by the Financial Times newspaper.

The new deposit is located in the Santos Basin, about 400 km from Rio de Janeiro, and covers an area of more than 300 square kilometers.

After the opening, BP shares rose by 1.2%, according to the material.

According to a BP representative, this discovery was the largest for the company since 1999, when they discovered Shah Deniz— a giant field in the Caspian Sea with reserves of about 35 trillion cubic feet of gas.

BP also noted that the new field is characterized by elevated carbon dioxide levels, which complicate oil production and increase refining costs.

The news is being updated