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BP’s Bumerangue discovery could extend Brazil oil output into 2030s
The ultra-deepwater project may have recoverable resources of up to 2.5 billion barrels and peak output near 600,000 b/d, but development costs could reach $32 billion.
OilPrice reports that BP’s Bumerangue discovery in Brazil is positioned as a key new ultra-deepwater project that could help sustain the country’s oil boom into the 2030s.
The outlet cites estimates of 2.5 billion barrels potentially recoverable, with peak production that could reach about 600,000 barrels per day.
OilPrice also flags significant execution hurdles, including development costs that could rise to $32 billion and potential reservoir gas with high CO2 concentrations that may require costly subsea separation and re-injection technology.
According to OilPrice, BP is targeting total upstream production in the 2.3 million to 2.5 million b/d range by 2030, and the article says final investment approval for Bumerangue is expected after assessing whether BP can control costs, secure the right development partner, and prove the project is commercially competitive.