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BP says Azerbaijan gas discovery may be significant - extended

BP said it’s made a major new gas-condensate discovery in the Shah Deniz field in the Caspian Sea that will likely be similar or larger in size than stage 1 - 8.6 billion cubic meters a year.

“The exploration discovery represents a potentially significant find. There will be appraisal to fully delineate the new structure in the next few years,” BP said.  “The well has proven that there are reserves with the potential to more than double production from the field,” StatoilHydro spokeswoman Kjersti Morstoel said in an interview to Bloomberg today. “Gas from a second development stage can help cover national demand for gas in Azerbaijan and countries in the region, but also supply markets in the European Union.” Christine Tiscareno, an analyst at Standard & Poor’s Equity Research, said the news was “very positive” and noted the gas could then be exported to Europe. BP is the operator of the field and holds 25.5% of the project; StatoilHydro has 25.5%, the State Oil Co. of Azerbaijan has 10%, LUKoil has 10%, Nico has 10%, Total has 10% and TPAO has 9%. (marketwatch, bg)