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.

The BBC reported BP with its pivot hopes to increase production to between 2.3 million and 2.5 million barrels of oil per day by 2030. The Brazil find also comes at the same time BP announced that it started its Argos Southwest Expansion in the Gulf of Mexico. With Argos, BP is adding 20,000 barrels of oil equivalent per day.

BP is seeking to bolster oil and gas in its portfolio to regain investor confidence and revive underperforming shares.

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.

Bumerangue block. Further appraisal activities are planned to be undertaken, subject to regulatory approval. bp holds 100% participation in the block with Pré-Sal Petróleo S.A. as the Production Sharing Contract manager.