BP's announcement on Monday of its largest global oil and gas discovery in 25 years in Brazil's offshore Santos basin bodes well for Equinor's nearby interests and strong appetite for an October auction of oil blocks in the region.

Amid a pivot back to its fossil fuel roots and away from renewable energy, Britain's BP said it had made its largest oil and gas discovery in 25 years.

British oil and gas giant 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.