New oil and gas reserves have been discovered in deep water in the Santos basin, located off Brazil’s western coast. Officials say this is the largest find in the last quarter-century and could significantly increase the region’s energy potential.
The discovery took place at the Bumerangue block. In this area, located approximately 400 kilometers away, a 500-meter layer of oil and gas was identified. A special production facility is also being considered for construction at the site.
In recent years, the company has shifted its focus back to fossil fuel sources. These changes aim to restore investor confidence and strengthen competitiveness in the global energy market.
With new fields also discovered this year in the Gulf of Mexico and Egypt, the Brazil find is seen as a strategic turning point in the energy sector. Following the announcement, the company’s shares rose by 1% on the London Stock Exchange.
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