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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

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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