BP Makes Largest Oil Discovery in 25 Years Off Brazil Coast

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AUG 5

Above: The BP logo and petrol station forecourt sign on Jan. 22, 2024 in Southend, United Kingdom. Image copyright: John Keeble/Contributor/Getty Images

story last updated AUG 8

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.

Bp Global

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.

MIT Climate Portal Greenpeace