euro adhoc: BP PLC / BP TO TRANSFER ITS INTERESTS IN TWO VENEZUELAN OPERATIONS TO PERENCO (E)

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BP TO TRANSFER ITS INTERESTS IN TWO
VENEZUELAN OPERATIONS TO PERENCO

BP announced today that it has agreed to transfer to Perenco its interests in two Venezuelan production assets for $160 million in a cash transaction. The interests are a 60 per cent stake in the Boqueron field in eastern Venezuela and 100 per cent in the DZO (Desarrollo Zulia Occidental) field in the west of the country. BP currently operates both fields.

BP's share of production from these fields averaged 26,100 barrels of oil a day in 2002. The deal is subject to approval from PDVSA.

This transaction follows a number of recent disposals that BP has made in other parts of the world, including the sale of several UK Southern North Sea gas production assets to Perenco.

This deal will strengthen Perenco's overall position in Venezuela.

Note to editors:

Perenco is an independent upstream oil and gas company based in London and Paris. On completion of this transaction and the UK Southern North Sea gas acquisition, Perenco's operated oil and gas production is expected to rise to 275,000 barrels of oil equivalent a day (boed) and its net production to 185,000 boed.

- ENDS -

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

Further inquiry note:
BP
Press Office
+44 (0) 207 496 4624
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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