Disposal

BP PLC
26 February 2003

February 26, 2003





                      BP TO TRANSFER ITS INTERESTS IN TWO

                        VENEZUELAN OPERATIONS TO PERENCO


BP announced today that it has agreed to transfer to Perenco its interests in
two Venezuelan production assets for $160 million in a cash transaction. The
interests are a 60 per cent stake in the Boqueron field in eastern Venezuela and
100 per cent in the DZO (Desarrollo Zulia Occidental) field in the west of the
country. BP currently operates both fields.


BP's share of production from these fields averaged 26,100 barrels of oil a day
in 2002.  The deal is subject to approval from PDVSA.


This transaction follows a number of recent disposals that BP has made in other
parts of the world, including the sale of several UK Southern North Sea gas
production assets to Perenco.


This deal will strengthen Perenco's overall position in Venezuela.


Note to editors:


Perenco is an independent upstream oil and gas company based in London and
Paris. On completion of this transaction and the UK Southern North Sea gas
acquisition, Perenco's operated oil and gas production is expected to rise to
275,000 barrels of oil equivalent a day (boed) and its net production to 185,000
boed.




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