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euro adhoc: BP PLC
Rhum Gas Field Development (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
May 21, 2003
RHUM GAS FIELD GETS GREEN LIGHT
BP, on behalf of its co-venturer, today announced plans to develop
the Rhum gas field at a cost of around £350 million.
Development of the Rhum field, which was discovered in 1977, is
challenging. The gas reservoir is subject to extreme temperatures and
high pressure. Development of the field has been under review for
some time but it has only been relatively recently that development
has become viable.
Outlining plans for the proposed development today, BP's Group Vice
President and Technical Director, Ian Vann, said the announcement
underlined BP's continued commitment to the North Sea.
"The North Sea remains a very important part of BP's global business
portfolio and will continue to be important for many years to come.
While we'll be working to ensure our current assets can effectively
compete for capital with other assets in the BP world, we'll also
continue to look for appropriate growth opportunities. Rhum is a good
example of the opportunities that still exist in the North Sea.
"When Rhum was discovered back in the 70s, we knew we had a challenge
on our hands to develop the field, given the difficulties at that
time in doing so. But I'm pleased to say that through a combination
of innovative thinking and our experience of North Sea challenges, we
have advanced to the point where this difficult development is now
viable. I'd also like to pay tribute to our joint
venture partners in the project, the Iranian Oil Company UK (IOC)
whose support and advice have been crucial in bringing the
development forward," said Mr. Vann.
Rhum represents the first development in the North Sea for the IOC.
Brian Wilson, Minister for Energy & Construction, welcomes the
project: "I am pleased to approve the Rhum development. The Rhum
project is one of the most significant developments in the North Sea
in the last twelve months. It clearly shows that there is significant
potential in the North Sea and the scope for exploiting new fields,
although challenging, brings great rewards. I am glad
that BP is at the forefront of investing in the development of
world-class technologies that enable them to venture into more
challenging reserves to harness the power beneath the sea."
A number of contracts for the project have already been let. These
include the contracts for module fabrication, and detailed design and
project management, both of which were won by Amec. It is expected
that further contracts will be awarded in the coming weeks.
The Rhum field is located 380km (240 miles) north east of Aberdeen in
109 metres (350 feet) of water. The field is 44km (28 miles) from the
BP operated Bruce platform. The development of the field will involve
a subsea tieback to the Bruce field with gas being exported onwards
from Bruce via the Frigg pipeline system to St. Fergus. Associated
condensate will be piped via Bruce into the Forties pipeline system.
Rhum has estimated resources of 1.1 trillion cubic feet (31 billion
cubic metres) of gas, of which, 800 billion cubic feet (23 billion
cubic metres) is deemed recoverable.
Work on the project will commence immediately with first gas expected
late in 2005.
Notes to editors:
· The Rhum field, which lies in block 3/29, was discovered in
1972.
· A well (3/29-2) drilled in 1977 gave the first indication of
the scale of the discovery.
· An appraisal well (3/29-a4) was drilled in 2000. This well
will be completed as part of the development drilling program
expected to commence later this year.
· Apart from use of the appraisal well (3/29-a4), the plan for
Rhum calls for a further three wells to be drilled as part of the
initial development. It is possible that an additional three wells
could be drilled at a later date.
· The Rhum field is a high temperature, high pressure
reservoir, experiencing down-hole temperatures of 150 degrees Celsius
and pressures of 12,000psi. For comparison purposes, the Bruce gas
field, to which Rhum will be tied in, records temperatures of 99
degrees Celsius and pressures of 6,000psi.
· The field will be tied back to Bruce via a 44km export line
which will involve a 22 inch High Integrity, Pressure Protection
System (HIPPS) protected pipe-in-pipe main pipeline.
· The pipeline, which has to be specially manufactured to withstand
the extremes in temperature and pressure, will be made in  Japan.
· Plateau production of 300 million standard cubic feet a day
is expected from the field.
· It is expected that Rhum will have a field life of around 16
years.
· The co-venturers in the Rhum development are:
BP (Operator)                50%
Iranian Oil Company UK       50%
· As part of the development, new gas processing facilities
will be installed on the existing Bruce Compression Reception Centre
(CR) platform.
- ENDS -
This information is provided by RNS
            The company news service from the London Stock Exchange
END
end of announcement        euro adhoc 21.05.2003

Further inquiry note:

Jennifer Bowes telephone: 020 7496 4213

Branche: Energy
ISIN: GB0007980591
WKN: 850517
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