1.25 x MAOP is the minimum test pressure at the highest point of the pipeline that is mentioned in B31.8 s847.2
It is possible that the MAOP is not equal to the hoop stress allowable of 0.72 x SMYS, but yes, most of the time MAOP is also targeted to that same value, HOWEVER we also know that can only be true, if all the combined loading cases that include an internal pressure condition and the corresponding combined stresses are also less than their allowables too.
For example, you would not be allowed any significant bending stress, or perhaps axial stress, temperature stress, wave load or sea current load bending etc. to happen simultaneously with hoop stress as calculated from MAOP, and even less, if you had concurrent combined stresses from, bending, axial stress, temperature stresses, residual installation, or others. See 833.2 and 833.4 (frictional contact with the sea bottom may provide restraint)
B31.8 2007 warns about one of these possible combined conditions that includes external pressure in that same section 847.2 with this quotation, "CAUTION: When an external pressure, Pe, greater than zero is used in the hoop stress formula in para. A842.221, there is a possible combination of conditions where the yield strength of the pipe could be exceeded during the hydrostatic test. Therefore, the hoop stress shall be checked to see that it is within allowable limits considering both the internal and external pressures when determining the maximum hydrostatic test pressure."
One of the reasons, for example, that you verify that there is no significant spanning and that resultant bending stress are limited to acceptable values using divers or ROVs as the pipeline is being layed, because those bending stresses might affect the combined stress during later hydrotesting or operation. See s841.11 for combined stress limitations and the other sections referenced therein.
But yes, the short answer is 1.25 x MAOP.
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