BP plc

euro adhoc: BP PLC
BP TO SELL SOUTHERN NORTH SEA GAS PACKAGE TO PERENCO (E)

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February 13, 2003

                      BP TO SELL SOUTHERN NORTH SEA GAS PACKAGE
                                          TO PERENCO

BP announced today that it has agreed to sell a package of its UK Southern North Sea gas production assets to Perenco UK Limited for $162 million in a cash transaction. The sale has an effective date of January 1, 2003 and is subject to UK regulatory consent and other approvals.

The sale includes BP's share in 14 operated gas fields including Indefatigable, East Leman, Davy, Trent, Tyne, Pickerill and Waveney, together with associated pipelines and onshore processing facilities including the Bacton terminal. Perenco has indicated a desire to operate these assets, subject to government and licence partner approvals.

BP's share of combined proved gas reserves for these fields is approximately 274 billion cubic feet and BP's share of production is around 150 million cubic feet per day or about 26,000 barrels a day oil equivalent. BP's overall current production from the UK North Sea is approximately 750,000 barrels a day.

BP retains a significant business in the Southern North Sea, operating nine gas fields, associated pipelines and the onshore terminals at Dimlington and Easington.  BP also owns substantial interests in the Conoco-operated Viking, Valiant and Vulcan fields, and the Shell-operated Sean field. The BP share of production from these fields amounts to some 380 million cubic feet per day or about 66,000 barrels a day oil equivalent.

BP said that the sale would improve returns on its upstream portfolio by reducing operating costs and freeing up capital for investment in other projects offering better profit margins.

BP said: "We are pleased to have reached this agreement with Perenco. The deal brings another new entrant into the UKCS and this can only benefit the province as it matures. We expect that the deal will be completed by 4Q 2003 and will provide all necessary assistance to Perenco to ensure a smooth transfer of the assets."

Notes to Editors:

Details of the complete package of assets being sold are:

INDEFATIGABLE AREA

Field                                  Blocks                      Interest (%)  Operator

Indefatigable (Inde)          49/18, 49/23                30.77                    BP
SW Inde                                49/23                          30.77                    BP
Baird                                  49/23                          30.77                    BP
Bessemer                              49/23                          30.77                    BP
Bell                                    49/23                          30.77                    BP
Davy                                    49/30a, 53/5a              22.22                    BP
Boyle                                  49/30a, 49/30c            22.22                    BP
Brown                                  49/30c                         22.22                    BP
North Davy                          49/30a                         22.22                    BP

·            The nine Inde and Davy area fields were developed via seven
platforms (two manned) and a subsea tieback (Bell). They are situated
80-100km east of Bacton in Norfolk. The gas from the fields is all
routed to the Inde 49/23A platform and then exported to the BP
terminal at Bacton (also part of the sale package)

EAST LEMAN AREA

Field                                  Blocks                Interest (%)         Operator

East Leman                          49/27, 49/28F1          48.37                      BP

·            BP operates the eastern sector of the Leman field (50km east
of Bacton). The eastern sector came on stream in August 1968 and has
been developed using nine platforms. All gas is routed to platform
49/27A and then exported to the BP terminal at Bacton.

TRENT AND TYNE AREA

Field                            Blocks                      Interest (%)         Operator

Trent                              43/24a                          100.00                  BP
Tyne                                44/18a                          100.00                  BP

·            Both these fields are developed using a single unmanned
platform. Gas is routed to Trent and then via the Esmond Transmission
System (also part of the sale package) to the BP Bacton terminal.

OTHER FIELDS AND BLOCKS

Field                            Blocks                      Interest (%)         Operator

Pickerill                         48/11a, 48/11b                56.13                  BP
Waveney                            48/17c                            86.00                  BP
  --                                 48/11c                            50.00      ExxonMobil
  --                                 53/5b                              40.00                  BP

·            Pickerill field is situated 65km east of the Humber estuary.
First gas was in 1992. There are two unmanned platforms on Pickerill
and gas is exported to the ConocoPhillips operated Theddlethorpe
terminal.

·            First gas for Waveney was in 1998.  It has been developed
with an unmanned platform and 2 wells. Gas is exported to the
ConocoPhillips terminal at Bacton.

TERMINAL AND PIPELINES

Pipeline/Facility                                      Interest (%)            Operator

BP Bacton Terminal                                              42.48                        BP
East Leman - Bacton Pipeline                              48.37                        BP
Inde - Bacton Pipeline                                        18.23                        BP
Esmond Transport System                                      12.50                      GdF
Pickerill - Theddlethorpe Pipeline                    56.13                        BP

·            As part of the sale package, BP is selling its equity stakes
in the relevant export pipelines and the BP terminal at Bacton.  The
terminal can handle 2.4bcfd of gas and 2.8mbd of liquids.

                                                            ENDS

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

end of announcement            euro adhoc 13.02.2003
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Further inquiry note: Further enquiries: Richard Grant, BP press office, Aberdeen, tel: +44 (0)1224 832347, mobile: 07730 937215 Clare Bebbington, BP press office, London, tel: +44 (0)20 7496 4851 Paddy Spink, Perenco, London, tel: +44 (0)20 7376 5250 Web sites: www.bp.com www.perenco.com

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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