BP makes major oil and gas discovery off Brazil coast
Guardian1 day
BP Makes Largest Oil Discovery in 25 Years Off Brazil Coast
Above: The BP logo and petrol station forecourt sign on Jan. 22, 2024 in Southend, United Kingdom. Image copyright: John Keeble/Contributor/Getty Images
The Spin
Climate-skeptic narrative
This massive Brazilian discovery validates BP's strategic pivot back to profitable fossil fuels after years of disappointing renewable investments. The 300-square-kilometer field represents exactly the kind of game-changing asset that can restore investor confidence and boost shareholder returns.
Climate-concerned narrative
The discovery's elevated carbon dioxide levels could significantly complicate extraction and drive up costs, potentially undermining the economic viability of this find. BP's retreat from renewables back to fossil fuels contradicts global climate commitments and represents a short-sighted strategy.