Acquisition

BP PLC
30 January 2003

January 30, 2003



BP AND AMERADA HESS AGREE SWAP


BP has agreed an exchange of interests with Amerada Hess under which BP will
swap its 25 per cent interest in block A-18 of the Malaysia Thailand Joint
Development Area (JDA), for Amerada Hess's interests in Colombia.



The Colombian interests include a 12 per cent stake in the Santiago de las
Atalayas, Tauramena and Rio Chitamena contracts, in which the Cusiana and
Cupiagua fields are located; 10 per cent in the Recetor Association contract;
and a 9.6 per cent stake in the OCENSA pipeline.



Amerada Hess will also make a balancing payment to BP of $10 million.



The exchange allows both companies to consolidate their portfolios in their
respective areas and focus on activities where they already have material
upstream businesses. It adds some 58 million barrels of proven reserves to BP's
Colombian portfolio.



The deal is subject to certain regulatory approvals and notifications.
Completion is expected in the first half of 2003.



Notes to editors:

  • Following the transaction, ownership of the Colombian assets will be:



   SDLA/Tauramena/Rio Chitamena: BP 31 per cent*, TotalFinaElf 19 per cent,
   Ecopetrol 50 per cent



   Recetor:  BP 50 per cent*, Ecopetrol 50 per cent



   OCENSA:  Ecopetrol 35.29 per cent, BP 24.8 per cent*, TOTAL Pipeline Colombia
   15.2 per cent, Enbridge 24.71 per cent



   *After consolidating interests with Triton Colombia Inc and Triton
   Pipeline Colombia



  • Current production from the Cusiana/Cupiagua fields is some 190,000
    barrels per day gross, with a further 25,000 barrels per day gross from the
    Recetor licence.



Further enquiries:



Clare Bebbington, BP press office, tel: [phone]



                                    - ENDS -


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