BP PLC — M&A Activity 2009

Jun 25, 2009

News Details

Ad-hoc | 25 June 2009 08:42

BP TO SELL WEST JAVA INTERESTS TO PERTAMINA

BP p.l.c. / Disposal

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

---

press release

June 25, 2009

BP TO SELL WEST JAVA INTERESTS TO PERTAMINA

BP today announced that it has agreed the sale of its wholly-owned
subsidiary, BP West Java Limited (BPWJ), to Indonesian state-owned oil and
gas company PT Pertamina (Persero). BPWJ holds a 46 per cent interest in
and is the operator of the Offshore North West Java production sharing
contract (ONWJ PSC) in Indonesia.

Pertamina will purchase 100 per cent of BPWJ from BP for a consideration of
US$280 million, subject to final adjustments prior to closing. The two
companies anticipate completing the transaction by 30 June, 2009 and
Pertamina will take over operatorship of the ONWJ assets. In addition, BP
and Pertamina have agreed to co-operate on developing coalbed methane in
Indonesia.

Andy Inglis, BP's chief executive of exploration and production said:
'Indonesia is an important country for BP, where we are focusing our
upstream oil and gas interests on the continuing development of our VICO
joint venture in Kalimantan and our Tangguh LNG project in Papua. We are
confident that ONWJ will prove a natural fit with Pertamina's existing
businesses and they are the right company to take on this excellent asset
with first class people. We also look forward to working jointly with
Pertamina to evaluate coalbed methane resources on their significant
acreage position.'

BP and Pertamina have also agreed to deliver the commitments made to the
approximately 400 BPWJ employees regarding their employment benefits.

The ONWJ concession covers an area of 8,300 square kilometres immediately
offshore West Java stretching from north of Cirebon to the Kepulauan
Seribu. Facilities include 314 producing wells and 218 offshore structures,
of which eleven are permanently manned flow-stations for processing and
compression, and 375 pipelines covering 1,250 kilometres in distance, as
well as three onshore gas receiving facilities. ONWJ's current average
gross production is approximately 220 million cubic feet of gas and 22,000
barrels of oil per day.

The ONWJ PSC supplies gas for power generation, and industrial, commercial
and residential consumption in the greater Jakarta area. BP will work with
Pertamina to ensure that customers' supplies are not affected by the
transfer of ownership.

The sale will not affect BP's other interests in Indonesia, which remains a
core area for BP with the Tangguh, VICO, Castrol and petrochemical
businesses. BP is continuously looking for ways of growing these assets and
accessing new opportunities through development, exploration and renewal.

Notes to editors:

• Through various heritage companies, BP has over 35 years experience and
  is one of the largest foreign investors in Indonesia. Every BP
  mainstream business is represented here, from upstream (Tangguh and
  VICO) to downstream (Castrol) and petrochemicals (PT AMI).

• PT Pertamina (Persero) is Indonesia's state-owned integrated oil and
  gas with more than 50 years experience in the challenging geological
  environment of Indonesia and in pioneering the development of LNG. Its
  businesses include the exploration and production of oil and gas; the
  refining, marketing of oil products and petrochemicals; and the
  development of biofuels, geothermal power and other sustainable
  alternative energy sources. Pertamina has operations and facilities
  throughout Indonesia, and serves the energy needs of over 220 million
  Indonesians.

• The other holders of interests in ONWJ PSC are: CNOOC ONWJ Ltd.
  (36.7205 per cent), Inpex Jawa Ltd (7.2500 per cent), Orchard Energy
  Java B.V. (Salamander) (5.0000 per cent), Itochu Oil Exploration Co,
  Ltd. (2.5795 per cent) and Talisman Resources (N.W. Java) Ltd (2.4500
  per cent).

Further enquiries:

UK:
David Nicholas
Press Officer
Tel: +44 (20) 7496 4708
Mobile: +44 (0)7831 095541
Email: nicholdh@bp.com

Indonesia:
Tantri Yuliandini
Sr. Communication Officer
Tel: +62 (21) 7854 9864
Mobile: +62 811 8112440
Email: tantri.yuliandini@bp.com
25.06.2009 Financial News transmitted by DGAP

---

Language: English
Issuer: BP p.l.c.
1 St James's Square
SW1Y 4PD London
Großbritannien
Phone: +44 (0) 207-496-4000
Fax: +44 (0) 207-496-4570
E-mail: ir@bp.com
Internet: www.bp.com
ISIN: GB0007980591
WKN: 850517
Listed: Freiverkehr in Berlin, Stuttgart, München, Hamburg,
Düsseldorf; Open Market in Frankfurt; Foreign Exchange(s) SWX

End of News DGAP News-Service

---