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 says plans to create a major new output hub at the Bumerangue discovery in Brazil, which was probably the company's biggest since Shah Deniz in 1999, a gas and condensate field in the Azeri part of

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.