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euro adhoc: BP PLC
Disposal (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
February 4, 2003
This press release was issued by BP Indonesia today.
CNOOC LIMITED ACQUIRES STAKE IN TANGGUH
CNOOC Limited has acquired a 12.5 per cent share of Indonesia's
Tangguh liquefied natural gas (LNG) project from BP for US$275
million.
This acquisition follows the signing last September of a 25-year
agreement between CNOOC Limited and BPMIGAS - implementing agency for
the upstream oil and gas sector in Indonesia - under which the
BP-operated Tangguh project will supply LNG to China's Fujian LNG
terminal. Also signed was an agreement in principle for CNOOC
Limited's participation in Tangguh.
BP is pleased to welcome CNOOC Limited as a full partner in Tangguh.
CNOOC Limited's addition affords Tangguh greater access to the
Chinese LNG market as already evidenced by the Fujian LNG sale and
purchase agreement approved in September last year. We look forward
to CNOOC Limited's contribution to the partnership as an experienced
oil and gas company with which BP has enjoyed a strong relationship
in China.
Notes to Editors:
·      Tangguh is a world class gas field in Indonesia, with proved
reserves certified at 14.4 trillion cubic feet. The Tangguh reserves
are located on three Production Sharing Contracts (PSCs). BP retains
an interest in all three of the PSCs, on two of which BP is operator.
The project is located in the Berau-Bintuni Bay region of Manokwari
District in the Indonesian province of Papua.
·      The shares in proved reserves in the Tangguh project, derived
from the three PSCs are: BP 37.2 per cent, Mitsubishi 16.3 per cent,
CNOOC Limited 12.5 per cent, Nippon 12.2 per cent, BG 10.7 per cent,
KG (Kanematsu Corp, JNOC and Overseas Petroleum) 10.0 per cent, and
LNG Japan 1.1 per cent.
·      The Tangguh LNG project represents a comprehensive approach to
sustainable resource development that integrates environmental,
social and economic considerations into all aspects of the project
design and management.  The project is expected to accelerate
sustainable economic development in the surrounding communities,
while at the same time diversifying and expanding the economic base
of Papua and Indonesia.
·      The construction of the Fujian terminal is expected to start
in 2004 and the terminal is scheduled to begin operations in 2007.
- ENDS -
This information is provided by RNS
            The company news service from the London Stock Exchange
end of announcement        euro adhoc 04.02.2003

Further inquiry note:

For further information contact: BP Hong Kong, Steve Lawrence, Tel +852 2586 8917

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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