euro adhoc: BP PLC / Mergers - Acquisitions - Takeovers / BP AND AMERADA HESS AGREE SWAP (E)

Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.

January 30, 2003

BP AND AMERADA HESS AGREE SWAP

BP has agreed an exchange of interests with Amerada Hess under which BP willswap its 25 per cent interest in block A-18 of the Malaysia Thailand Joint Development Area (JDA), for Amerada Hess's interests in Colombia.

The Colombian interests include a 12 per cent stake in the Santiago de las Atalayas, Tauramena and Rio Chitamena contracts, in which the Cusiana and Cupiagua fields are located; 10 per cent in the Recetor Association contract; and a 9.6 per cent stake in the OCENSA pipeline.

Amerada Hess will also make a balancing payment to BP of $10 million.

The exchange allows both companies to consolidate their portfolios in their respective areas and focus on activities where they already have material upstream businesses. It adds some 58 million barrels of proven reserves to BP's Colombian portfolio.

The deal is subject to certain regulatory approvals and notifications. Completion is expected in the first half of 2003.

Notes to editors:

· Following the transaction, ownership of the Colombian assets will be:

SDLA/Tauramena/Rio Chitamena: BP 31 per cent*, TotalFinaElf 19 per cent, Ecopetrol 50 per cent

Recetor: BP 50 per cent*, Ecopetrol 50 per cent

OCENSA: Ecopetrol 35.29 per cent, BP 24.8 per cent*, TOTAL Pipeline Colombia 15.2 per cent, Enbridge 24.71 per cent

*After consolidating interests with Triton Colombia Inc and Triton Pipeline Colombia

· Current production from the Cusiana/Cupiagua fields is
some 190,000 barrels per day gross, with a further 25,000 barrels per day gross from the Recetor licence.

- ENDS -

This information is provided by RNS
The company news service from the London Stock Exchange

Further inquiry note:
Further enquiries:

Clare Bebbington, BP press office, tel: +44 (0)20 7496 4851
Tel: +44 20 7496 4000
Email: tomalij@bp.com

end of announcement euro adhoc

Emittent: BP PLC
1 ST JAMES SQUARE
UK-SW1Y4PD LONDON
Tel: +44 20 7496 4000
Email: tomalij@bp.com
WWW: http://www.bp.com
ISIN: GB0007980591
WKN: 850517
Indizes:
Börsen: free trade Baden-Württembergische Wertpapierbörse, Bayerische Börse, Berliner Wertpapierbörse, Niedersächsische Börse zu Hannover; official dealing Börse Düsseldorf, Frankfurter Wertpapierbörse, Hamburger Wertpapierbörse, London Stock Exchange, SWX Swiss Exchange
Branche: Energy
Sprache: Englisch

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