BP says CO2 content in massive Brazilian Bumerangue oil and gas discovery is manageable

LONDON (Reuters) -BP said on Thursday the carbon dioxide level in its huge Bumerangue oil and gas discovery in Brazil's offshore Santos basin could be managed.

BP in August hailed Bumerangue as its biggest oil and gas discovery in 25 years, but said it contained elevated carbon dioxide levels. High CO2 content can potentially make a hydrocarbon field uneconomical to develop.

BP is seeking a partner for the block, in which it currently holds 100%, but a former chief of Brazil's state-run oil firm Petrobras has said the field's economic viability hinges on its CO2 content.

"Given the presence of liquids across the entire hydrocarbon column, the high-quality rock properties observed and BP’s extensive technology and deepwater developments experience, BP believes that the carbon dioxide in the reservoir can be managed," BP said.

The British group said it was running laboratory tests to determine gas-to-oil and condensate-to-gas ratios and an estimate of in-place volumes, and that it expected further wells to be drilled in the field in early 2027.

(Reporting by Shadia Nasralla; Editing by Bernadette Baum)