BP Negotiates Sale of Stake in Brazil's Largest Oil Discovery to Petrobras

BP is in talks with Petrobras (PBR) to sell a stake in its Bumerangue oil block off the coast of Brazil, Bloomberg News reported on Thursday, citing people familiar with the matter. BP has described Bumerangue as its biggest discovery in 25 years. According to Reuters, negotiations are ongoing and a deal is not guaranteed.

The block lies in Brazil's offshore Santos basin and BP currently owns 100% of it, Reuters reported. BP said last year it was seeking a partner to help evaluate the discovery before a final investment decision, and it estimates the block holds about 8 billion barrels of liquids. BP and Petrobras already partner in other Brazilian blocks, including Alto de Cabo Frio Central in the Campos Basin pre-salt, Reuters reported in 2025.

No stake size or price has been reported, and BP and Petrobras did not immediately respond to Reuters' requests for comment. Reuters could not independently verify the Bloomberg report.

What to watch: carbon dioxide content has been the open question on this block. In August 2025, Petrobras sources told Reuters that a deal would depend on CO2 levels in the reservoir, while BP says the CO2 content could be managed. BP plans to finish a three-well appraisal plan by the end of the first half of next year, which may give both sides firmer data on which to set terms.