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BP celebrates new Shah Deniz find

UK supermajor BP has made a major gas-condendate discovery at Azerbaijan's Shah Deniz field in the Caspian Sea.

"Test flows were at the maximum capacity of the on-board equipment of 35 million cubic feet a day," BP said in a statement released today.

"Results confirm sufficient gas at Shah Deniz for a second stage of development."

The SDX-04 well was drilled to a Caspian-record depth of more than 7300 metres in the south-western sector of the Shah Deniz field.

The discovery represents a potentially significant find, BP said, adding that there will be appraisal to fully delineate the new structure in the next few years.

Partner StatoilHydro said gas condensate was found in the main target horizons extending the field to the south. It added that the probe also hit a new high-pressure reservoir in a deeper structure.

BP operates Shah Deniz with a 25.5% stake. Partners include StatoilHydro with 25.5% and Azerbaijan's Socar, Russian player Lukoil and French giant Total with 10% each.

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