Belém, Brazil: Just months before COP30 is set to begin in the heart of the Amazon, BP has announced its largest oil and gas discovery in 25 years in Brazil’s Santos Basin.
Analysts and media are touting the Bumerangue discovery as a ‘game changer’ as BP seeks to rebuild investor confidence by pivoting back to oil and gas despite its earlier pledges to transition toward renewable energy. This announcement comes on the same day as the conglomerate announced above-target profits, alongside a new cost-cutting scheme to maximize shareholder value.
The timing of the announcement is particularly ironic, as preparations ramp up for COP30 to be held in Brazil. At this crucial moment when countries must commit to new climate targets that accelerate the phase-out of fossil fuels, BP is expanding the very industry that’s driving the crisis.
With elevated CO₂ levels already reported in the field, serious concerns are being raised about the economic and environmental viability of the Bumerangue project. But even without those red flags, the simple truth remains: there is no future for fossil fuels.
Anne Jellema, Executive Director of 350.org says:
“Now that BP has found a new stash of climate-wrecking fossil fuels, they’re preparing to level up their exploitation of the planet’s resources. This is not a game-changer, it’s setting the board on fire. With uncontrolled wildfires, record heatwaves, and steadily rising sea levels, we are already living with the consequences of disasters driven by fossil fuels. Millions of people are left holding the bill for the damages, while BP celebrates, once again, short-term profits at the cost of long term survival. Calling this a breakthrough discovery is a massive betrayal: of people, the ecosystem, and Brazil’s climate commitments. Enough is enough; we must draw a line against this kind of profiteering at the expense of our planet, and fight for a liveable future.”
Ilan Zugman, Latin America Director at 350.org says:
“This is not just about one company, it’s about a system that rewards destruction while frontline communities pay the price. The people of Brazil and the world deserve better than more pipelines and pollution. While preparing to host the global COP30 climate conference, Brazil is also advancing a national law that directly contradicts the event’s purpose. This action undermines the country’s credibility and sends a confusing message: a host that preaches climate action while simultaneously easing the path for destructive industries and profit.”
Notes to the Editor:
A powerful wave of global actions are set to take place from 19-21 September 2025 as movements across the world unite in historic global days of action. Under the banner Draw the Line, communities will mobilize in towns and cities to draw the line against injustice, pollution, and violence, and for a just transition and a future built on renewable energy, fairness, and peace.
The call to action is a collective effort of many organizations and movements around the world. Find the full list of partners here.