BP plc

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

end of announcement            euro adhoc 30.01.2003
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Further inquiry note: Further enquiries: Clare Bebbington, BP press office, tel: +44 (0)20 7496 4851

Branche: Energy
ISIN:      GB0007980591
WKN:        850517
Börsen:  Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Niedersächsische Börse zu Hannover / free trade
              Börse Düsseldorf / official dealing
              Frankfurter Wertpapierbörse / official dealing
              Hamburger Wertpapierbörse / official dealing
              London Stock Exchange / official dealing
              SWX Swiss Exchange / official dealing



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