BP plc

euro adhoc: BP PLC

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

                          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

end of announcement            euro adhoc 26.02.2003

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

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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