There are about 8 billion boe in place in BP’s Bumerangue discovery offshore Brazil, the company said in its earnings report for Q4 2025. There is a wide range of uncertainty about the estimate and plans are being made for an appraisal program that will start around the end of the year, Chief Financial Officer Kate Thomson said on the earnings call.
At the time the discovery was announced in August 2025, BP said it was its biggest in 25 years and that it expected well activities to begin in 2027.
BP said it started up seven new major projects and set a record for upstream plant reliability in 2025, which supported flat underlying production versus 2024, exceeding its guidance from 12 months ago. It said upstream production is expected to be slightly lower in 2026, with oil production and operations to be broadly flat and gas and low-carbon energy to be lower. Combined oil and gas output was 2,344 Mboe/d in Q4 2025.
Capital expenditures for 2026 are estimated at $13 billion to $13.5 billion, about level with 2025, with the spending weighted toward Q1 2026.
