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 has said it "can and will do better" to develop and monetise its oil and gas production as the energy giant continues to shift away from renewables and back to fossil fuels. Chief executive Murray Auchincloss said the UK-based firm would review how it manages its oil and gas assets and will consider cost cutting plans to boost returns for shareholders.

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