New Delhi, Aug. 4 -- British energy major BP said on Monday it has made its largest oil and gas discovery in 25 years offshore Brazil.

The discovery is a big boost for the company following its strategic shift away from renewable energy to refocus on fossil fuels.

After the announcement, BP shares gained 1.3% by 1107 GMT, outperforming a broader index of European energy companies which was up 0.1%.

BP said it planned to create a major new output hub at the Bumerangue discovery in Brazil, which was probably the company's biggest since Shah Deniz in 1999, a gas and condensate field in the Azeri part of the Caspian Sea.

According to the company, Shah Deniz - with around 1 trillion cubic metres of gas and 2 billion barrels of condensate i...