Core Insights - BP announced the discovery of the largest oil and gas field in the Santos Basin offshore Brazil in the past 25 years, indicating significant reserves of oil and gas [1] - This marks BP's 10th oil and gas discovery in 2023, with additional finds in Trinidad and Tobago, and Egypt [1] - Following a strategic shift towards renewable energy, BP has reaffirmed its commitment to fossil fuels, aiming to increase global oil and gas production to 2.3 to 2.5 million barrels of oil equivalent per day by 2030 [1] Production Plans - BP projects a production level of 2.4 million barrels of oil equivalent per day for 2024, with a slight decline expected in 2025 [1] - The company acquired the rights to the new discovery block in December 2022 under "very favorable commercial terms," holding 100% ownership [1] Management and Partnerships - The Brazilian state-owned company, Pre-Salt Petroleum, will act as the contract manager for production sharing in the newly discovered block [1]