BP Says Reservoir Discovered Off Coast of Brazil Is Largest in 25 Years

British oil and gas giant BP (BP) on Monday announced that it has made its biggest oil and gas discovery in more than two decades thanks to a drilling operation off the coast of Brazil.

The company said a well at the site recently “penetrated an estimated 500 metre gross hydrocarbon column,” and said that it is currently performing further tests to determine more details about the potential oil and gas reservoir. BP said the site does have “elevated levels” of carbon dioxide, which could make the drilling and removal process complex and expensive, per Bloomberg.

BP said its largest discovery in 25 years is the company’s 10th of the year, joining others in Egypt, Libya, Trinidad, the Gulf of Mexico, and elsewhere in Brazil.

The new reservoir is “believed to contain a mix of gas, condensate and oil,” according to the Financial Times, but the company told the FT that it is too early to know the amount or quality of the resources it could extract from the site.

The news comes after months of pressure on BP from activist investor Elliott Investment Management, who built a stake in BP earlier this year and started pushing for changes. In the following weeks, BP said it would “fundamentally reset” its strategy and pivot away from investments it had made into renewable energy and start putting billions back toward more profitable fossil fuel production.

In the Monday statement, BP said it plans to produce 2.3 million to 2.5 million barrels of oil equivalent per day in 2030, with the ability to increase production through 2035, compared to 2.36 million barrels per day in 2024. BP is set to release its second-quarter results on Tuesday morning.

BP’s U.S. listed shares were up 1.5% in premarket trading. They entered the day up about 7% since the start of the year.