euro adhoc: BP PLC / BP TO SELL GYDA FIELD INTERESTS TO TALISMAN (E)

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May 19, 2003

BP TO SELL GYDA FIELD INTERESTS TO TALISMAN

BP announced today that it has agreed to sell its 61 per cent
operated share of the Gyda field for $90 million in a cash
transaction to Talisman Energy Norge AS, a wholly owned subsidiary of
the Canadian based company Talisman Energy Inc.

The sale has an effective date of 1 January 2003 and is subject to
Norwegian regulatory consent and other approvals. The companies
expect that the deal will be completed by 4Q 2003.

The transaction also includes BP's share of the Gyda gas pipeline and
its full 45 per cent share of the adjacent exploration license PL 019
C.

The Gyda field's remaining gross booked recoverable reserves at
January 2003 were 23.2 million barrels of oil equivalent (boe).
Current gross production is approximately 13,000 boe per day.

Scott Kerr, head of BP's Norwegian Business Unit said: "We are
pleased to have reached this agreement with Talisman. Talisman is a
global operator with a proven track record of acquiring producing
fields and focusing operations to improve performance and increase
field life.

"The admission of a new entrant into the Norwegian Continental Shelf
can only benefit the province as it matures. This is also aligned
with the desire of the Norwegian authorities to have a greater
diversity of companies to the region. We will provide all necessary
assistance to Talisman and the employees to ensure a safe and smooth
transfer of Gyda."

BP remains committed to Norway with significant investments in the
Valhall and Ula fields, and is also a partner in Ormen Lange and
operator for the Skarv field development. The company was awarded
exploration acreage in Norway's 17th licensing round in 2002 and
expects to participate in the 18th round.

Notes to Editors:

· The Gyda field is located in the Southern part of the North
sea in block 2/1, license 019B. The license was awarded in 1965 and
the field came on stream in June 1990.

· Total recoverable reserves were 225 million barrels of oil,
240 billion cubic metres of gas and 26 million barrels of condensate.
Other partners in the Gyda field are DONG (34 per cent) and AEDC (5
per cent).

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

END

Further inquiry note:
Further enquiries:

Olav Fjellsa, Manager, Government and Public Affairs BP Norge - tel:
+47 5201 3490/ +47 9348 2060; email: [email protected]

Jan Erik Geirmo, press spokesman BP Norge - tel: +47 52 01 3205/+47
9348 2596

email: [email protected]

John MacDonald, Talisman Inc: 44 1224 80 66 00, mobile:44 777 088
6912
Tel: +44 20 7496 4000
Email: [email protected]

end of announcement        euro adhoc 19.05.2003
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Emittent: BP PLC
          1 ST JAMES SQUARE
          UK-SW1Y4PD LONDON
Tel:      +44 20 7496 4000
Email:    [email protected]
WWW:      http://www.bp.com
ISIN:     GB0007980591
WKN:      850517
Indizes:
Börsen:   official dealing Hamburger Wertpapierbörse, Börse

Düsseldorf, Frankfurter Wertpapierbörse, SWX Swiss Exchange, London
Stock Exchange; free trade Niedersächsische Börse zu Hannover,
Berliner Wertpapierbörse, Bayerische Börse, Baden-Württembergische
Wertpapierbörse
Branche: Energy
Sprache: Englisch

OTS0222    2003-05-19/19:02

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