Energy giant BP says it has made its largest oil and gas discovery this century as it shifts its focus away from renewable energy and back to fossil fuels. The UK-based firm said on Monday that it is conducting tests at the site in deep water off Brazil's west coast.

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

The energy giant said it discovered oil and gas in the deepwater Santos basin offshore Brazil as it seeks to grow global upstream production output.