UPDATE 1-BP, Marathon find oil in UK North Sea

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LONDON Feb 1 (Reuters) - Britain's BP (BP.L) and U.S.-based Marathon (MRO.N) Petroleum West of Shetlands Ltd have found oil in Block 204/23 of the UK North Sea, the companies said in a statement on Friday.

BP, which has a 72 percent stake, and Marathon, with 28 percent, are evaluating the discovery's potential for a two well development in the bloc about 190 kilometres west of the Shetland Islands.

The find is 11 kms south-west of the Foinaven Floating, Production, Storage & Offloading (FPSO) vessel, and the well reached a total depth of 2,528 metres below sea level, the companies said.

"Discoveries like this are key to the future of the North Sea," said Dave Blackwood, head of BP's North Sea business.

"BP is always looking for new opportunities to invest, particularly around our existing acreage to extend the life of the North Sea."

Licence P1263, which also includes block 204/24, was awarded to the two companies in 2005 during the UK's 23rd Offshore Licensing Round. (Reporting by Daniel Fineren)