BP shares rose by a little over 1% in London trading after the announcement. Energy giant BP says it has made its largest oil and gas discovery this century as it shifts its focus away from renewable energy and back to fossil fuels.

BP has made its largest oil and natural gas discovery in 25 years off the coast of Brazil, it said Monday, in a potential big boost for the British company following its strategic shift away from renewable energy to refocus on fossil fuels.

BP has made its largest global oil and gas discovery in 25 years in Brazil's Santos basin, it said on Monday, in what may be a major boost for the British company's strategic shift away from renewable energy to refocus on fossil fuels.