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BP Thinks It's Sitting on Another Giant Gas Field in the Caspian

  • Company will drill six new exploration wells in Azerbaijan
  • New fields could reduce Europe’s dependence on Russian gas

BP Plc and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start.

The British oil major intends to drill six new exploration wells in the country by 2020, according to Gary Jones, BP’s regional president for Azerbaijan, Georgia and Turkey. If his expectations are met, the company could find a new gas play that’s about the same size as Shah Deniz, its project that produces the fuel from a field in the Caspian Sea that’s as large as Manhattan.