A system and method for determining characteristics of a multiphase flow in a well/pipe are disclosed. The disclosed system and method use an optical immersion probe including a flow gap across which two or more types of radiation are transmitted in order to measure absorptions of two or more substances within the multiphase flow. Primarily, broadband ultraviolet (UV) and/or near infrared radiations (NIR) are utilized with the probe to gather absorption data at and/or around at least one of the water peaks and at and/or around one or more oil or oil-condensate peaks. This data may be utilized to calculate the water-cut of the multiphase flow over a wider range of gas volume fractions. Additionally, pressure ports having pressure sensors being located on the optical immersion probe for determining the impact pressures and flow rates of different phases of the multiphase flow may also be used.