BP Tries To Reverse Big Oil’s Fortunes in Brazil

Back in 2019, Brazil produced over 1 billion barrels of crude oil. It was the first time the national total had broken the billion-barrel mark, and more than half of that was pumped from the presalt zone offshore Brazil. Five years later, supermajors are returning presalt blocks to the government after failing to strike oil.

But one supermajor is going the opposite way: BP is drilling a deepwater well in one of the fields where other oil companies came up empty. Back in 2019, everyone was flocking to the presalt basins,…