euro adhoc: BP PLC / Disposal (E)

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February 4, 2003

This press release was issued by BP Indonesia today.

CNOOC LIMITED ACQUIRES STAKE IN TANGGUH

CNOOC Limited has acquired a 12.5 per cent share of Indonesia's Tangguh liquefied natural gas (LNG) project from BP for US$275 million.

This acquisition follows the signing last September of a 25-year agreement between CNOOC Limited and BPMIGAS - implementing agency for the upstream oil and gas sector in Indonesia - under which the BP-operated Tangguh project will supply LNG to China's Fujian LNG terminal. Also signed was an agreement in principle for CNOOC Limited's participation in Tangguh.

BP is pleased to welcome CNOOC Limited as a full partner in Tangguh. CNOOC Limited's addition affords Tangguh greater access to the Chinese LNG market as already evidenced by the Fujian LNG sale and purchase agreement approved in September last year. We look forward to CNOOC Limited's contribution to the partnership as an experienced oil and gas company with which BP has enjoyed a strong relationship in China.

Notes to Editors:

· Tangguh is a world class gas field in Indonesia, with proved reserves certified at 14.4 trillion cubic feet. The Tangguh reserves are located on three Production Sharing Contracts (PSCs). BP retains an interest in all three of the PSCs, on two of which BP is operator. The project is located in the Berau-Bintuni Bay region of Manokwari District in the Indonesian province of Papua.

· The shares in proved reserves in the Tangguh project, derived from the three PSCs are: BP 37.2 per cent, Mitsubishi 16.3 per cent, CNOOC Limited 12.5 per cent, Nippon 12.2 per cent, BG 10.7 per cent, KG (Kanematsu Corp, JNOC and Overseas Petroleum) 10.0 per cent, and LNG Japan 1.1 per cent.

· The Tangguh LNG project represents a comprehensive approach to sustainable resource development that integrates environmental, social and economic considerations into all aspects of the project design and management. The project is expected to accelerate sustainable economic development in the surrounding communities, while at the same time diversifying and expanding the economic base of Papua and Indonesia.

· The construction of the Fujian terminal is expected to start in 2004 and the terminal is scheduled to begin operations in 2007.

- ENDS -

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

Further inquiry note:
For further information contact:

BP Hong Kong, Steve Lawrence, Tel +852 2586 8917
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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