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. Last Updated: 07/27/2016

Oil Struck in Caspian

BAKU, Azerbaijan -- A $3 billion Caspian international oil consortium has discovered crude oil in its final test drilling after two earlier experimental wells came up dry, Azeri state oil company SOCAR said Wednesday.

SOCAR exploration division chief Mitat Rzayev said the finds were being analyzed, and it was not yet clear if the reserves were commercially viable.

SOCAR has a 7.5 percent stake in the Caspian International Petroleum Co. project, led by LUKAgip, a joint venture between LUKoil and Italy's Agip.

Russia's LUKoil, meanwhile, said Wednesday that it exported 47.4 million tons of oil from January to September this year, up 2 percent from the same period in 1997, Interfax reported.