BP, one of the Calumet Region's largest industrial employers, made its largest oil discovery in 25 years as it shifts back to focus on its core business of oil and gas production and refining.

In February, BP slashed its planned investments in renewable energy and said it would spend billions of dollars more a year on its oil and gas operations, as it aims to boost investor confidence.

British energy group BP on Tuesday posted a net profit for the second quarter, in contrast to weaker results from energy rivals, as lower exceptional charges offset falling oil prices.

BP announces its largest oil and gas discovery in 25 years at Brazil's Bumerangue prospect.

The discovery happened in the deepwater Santos Basin offshore of Brazil. Because of that, BP is now pushing to boost its global upstream production.

Britain's BP announced Monday it made its biggest oil and gas discovery in 25 years off the coast of Brazil, as it shifts back to its fossil fuel business.

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