The oil and gas discovery in the Santos Basin in Deepwaters was the company’s 10th oil discovery, and may be the largest since its discovery in Azerbaijan’s Shahdenis gas field in 1999, the Guardian reported.
BP is conducting further testing on the discovery of Santos, which was created about 2,400 meters of water from Brazilian coast and 250 miles (400 km) below the surface to measure the potential of the oil and gas basin. It could play an important role in the company’s plan to increase oil and gas production to an equivalent of 2.5m to 2.5m per day.
The company said Monday it launched a new oil expansion project in the Gulf of Mexico, and should add 20,000 barrels per day to its production. The Argos project will be the first of a series of new projects in the Gulf Coast between the present and the end of the decade.
Gordon Birrell, head of BP’s oil and gas production business, said the discovery was “another success of what had been an exceptional year to date” and highlighted the company’s “commitment to upstream growth.”
He added that Brazil is an important country for BP and will explore the possibility of establishing a “material and advantageous production hub within the country.”
MA/PR