“We are excited to announce this significant discovery (…), the largest by BP in 25 years,” stated Gordon Birrell, BP’s executive vice president, in a statement.
The group’s shares, which are expected to present second-quarter results on Tuesday, rose around 1.5% on the London Stock Exchange by mid-morning today.
“Analysis results at the drilling site indicate high levels of carbon dioxide,” details BP, which “will now begin laboratory analysis to better characterize the reservoir and fluids discovered.”
This discovery is the tenth announced by the company in 2025.
BP, which has just announced the upcoming appointment of Irishman Albert Manifold as the chairman of its Board of Directors, continues to disappoint markets in recent years, fueling constant rumors of acquisition – always denied – especially by its British rival Shell.
The oil company is also under pressure from the American investment fund Elliott, which recently formalized its entry into the capital, known for demanding strategic changes within the groups it invests in.
In February, the group abandoned a previously ambitious climate strategy to focus on oil and gas, much to the dismay of environmental defense organizations.
“If BP wanted news capable of convincing the markets of its renewed focus on hydrocarbons before the publication of its results,” this discovery “constitutes one,” believes Russ Mould, an analyst at AJ Bell.
According to the analyst, the group should, on Tuesday, rely on the results “to convince the market that it has truly shifted its strategy and distanced itself from the green transition, considered unpopular by a significant portion of its shareholders.”
