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BPs Puma Well Finds Oil in Gulf of Mexico, BHP Says (Update1)

By Angela Macdonald-Smith and Eduard Gismatullin

April 22 (Bloomberg) -- BP Plc, Europe’s second-largest oil company, found crude and natural gas at the Puma-4 well in the U.S. Gulf of Mexico, according to partner BHP Billiton Ltd.

The Puma project is “in the active appraisal stage that includes drilling of wells, seismic and other studies, with Puma-4 being the fourth well,” , a Houston-based BP spokesman, said today by e-mail, declining to elaborate.

The deep-water Gulf of Mexico is BP’s largest area of production growth in the U.S., the London-based company said in its annual report published in March. BP operates in the Green Canyon area, BHP said today in a statement.

BHP, Australia’s biggest oil and gas producer, holds 29.8 percent of the project while BP owns 46.2 percent. Chevron Corp. owns 21.8 percent and StatoilHydro ASA has 2.3 percent, according to the Australian company’s .

The first and second appraisal wells “did not encounter any commercial reserves,” BHP said, without commenting on the third.

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