BP said it made its largest global oil and gas discovery in 25 years off the coast of Brazil, boosting the British major’s efforts to refocus on fossil fuels and shift away from renewables.
The find, BP’s 10th this year, could play a big role in the company’s efforts to increase daily oil and gas production by up to 2.5 million barrels.
It comes as the start of a big week for BP: It is set to report second-quarter earnings Tuesday, amid pressure to cut costs and show progress on a turnaround plan announced earlier this year. That strategy pulled the plug on BP’s 2020 pledge to become a net-zero energy company, which hit a string of hurdles.