BP PLC — M&A Activity 2004

Oct 19, 2004

News Details

Ad-hoc | 19 October 2004 11:45

BP p.l.c.: BP SEEKS TO SELL ORMEN LANGE INTERESTS

Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– BP SEEKS TO SELL ORMEN LANGE INTERESTS October 19, 2004 – BP announced today that it is seeking offers for its interests in the Ormen Lange gas field, offshore Norway, and related gas export pipeline. The company hopes to reach agreement on a sale by the end of 2004 with completion early in 2005. BP’s Norwegian subsidiary, BP Norge, holds a 10.34 per cent equity interest in the Ormen Lange field and a 10.2 per cent participating interest in the Langeled pipeline system. Scott Kerr, managing director BP Norge, said: “BP holds a non-strategic, non-operating minority stake in the Ormen Lange field and we prefer to use our resources in projects that are strategic for BP.” The Ormen Lange field, discovered in 1997, is the second largest gas field on the Norwegian continental shelf. The field is located 120 kilometres off the west coast of Norway, covering an area of 350 square kilometres in water depths of 800-1200 metres. The field’s development plan is based on 14 trillion cubic feet (397 billion cubic metres) of gas resources. Gas from the field will be exported to UK and European markets via the new 1200 kilometre Langeled pipeline. Development of the field was approved by the Norwegian parliament in April 2004 and first production is expected in 2007. JPMorgan Chase & Co have been retained by BP to advise on the planned sale. Notes to editors: – The partners in the Ormen Lange development are: Norsk Hydro (18.07 per cent and development phase operator), Shell (17.04 per cent and production phase operator), Petoro (36.48 per cent), Statoil (10.84 per cent), BP Norge (10.34 per cent) and Exxon Mobil (7.23 per cent). Further information: Jan Erik Geirmo, BP Norge press spokesman: +47 52 01 3205. Olav Fjellså, manager Government & Public Affairs, BP Norge: +47 52 01 3490. David Nicholas, BP press office, London: +44 20 7496 4708. end of ad-hoc-announcement (c)DGAP 19.10.2004 ——————————————————————————– WKN: 850517; ISIN: GB0007980591; Index: Listed: Amtlicher Markt in Düsseldorf (Dt. Zertifikate DE0008618737), Frankfurt (General Standard) und Hamburg; Freiverkehr in Berlin-Bremen, Hannover und Stuttgart / Freiverkehr in Berlin-Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München und Stuttgart 191145 Okt 04