BP Plc said it has made its biggest discovery in 25 years in deep waters off Brazil, a welcome development for the British oil major as it tries to reverse years of underperformance.

BP in particular has discovered an oil and gas deposit about 500 meters (1,640 feet) deep in the Bumerangue block in the Santos Basin, it announced Monday without giving further details. The discovery adds to other discoveries made this year in Trinidad and Tobago, the Gulf of Mexico and Egypt.

“This is another success in an excellent year so far for our exploration team,” the energy company said in a statement. “Our ambition is to explore the possibility of establishing a major production centre” in Brazil.

Chief Executive Murray Auchincloss overhauled BP’s strategy in February, promising to refocus on oil and gas after years of failed investments in low-carbon technologies. Other major companies were quicker to reiterate their commitment to hydrocarbon-focused strategies.

BP’s production target for 2030 – 2.3 million to 2.5 million barrels of oil equivalent per day – remains unchanged. The London-based company said it has “the capacity to increase production to 2035.”