Disposal

BP PLC
13 February 2003


February 13, 2003


                  BP TO SELL SOUTHERN NORTH SEA GAS PACKAGE
                               TO PERENCO



BP announced today that it has agreed to sell a package of its UK Southern North
Sea gas production assets to Perenco UK Limited for $162 million in a cash
transaction. The sale has an effective date of January 1, 2003 and is subject to
UK regulatory consent and other approvals.



The sale includes BP's share in 14 operated gas fields including Indefatigable,
East Leman, Davy, Trent, Tyne, Pickerill and Waveney, together with associated
pipelines and onshore processing facilities including the Bacton terminal.
Perenco has indicated a desire to operate these assets, subject to government
and licence partner approvals.



BP's share of combined proved gas reserves for these fields is approximately 274
 billion cubic feet and BP's share of production is around 150 million cubic
feet per day or about 26,000 barrels a day oil equivalent. BP's overall current
production from the UK North Sea is approximately 750,000 barrels a day.



BP retains a significant business in the Southern North Sea, operating nine gas
fields, associated pipelines and the onshore terminals at Dimlington and
Easington.  BP also owns substantial interests in the Conoco-operated Viking,
Valiant and Vulcan fields, and the Shell-operated Sean field. The BP share of
production from these fields amounts to some 380 million cubic feet per day or
about 66,000 barrels a day oil equivalent.



BP said that the sale would improve returns on its upstream portfolio by
reducing operating costs and freeing up capital for investment in other projects
offering better profit margins.



BP said: 'We are pleased to have reached this agreement with Perenco. The deal
brings another new entrant into the UKCS and this can only benefit the province
as it matures. We expect that the deal will be completed by 4Q 2003 and will
provide all necessary assistance to Perenco to ensure a smooth transfer of the
assets.'



Notes to Editors:


Details of the complete package of assets being sold are:



INDEFATIGABLE AREA

Field                      Blocks              Interest (%)     Operator

Indefatigable (Inde)       49/18, 49/23          30.77             BP
SW Inde                    49/23                 30.77             BP
Baird                      49/23                 30.77             BP
Bessemer                   49/23                 30.77             BP
Bell                       49/23                 30.77             BP
Davy                       49/30a, 53/5a         22.22             BP
Boyle                      49/30a, 49/30c        22.22             BP
Brown                      49/30c                22.22             BP
North Davy                 49/30a                22.22             BP



•        The nine Inde and Davy area fields were developed via seven platforms
(two manned) and a subsea tieback (Bell). They are situated 80-100km east of
Bacton in Norfolk. The gas from the fields is all routed to the Inde 49/23A
platform and then exported to the BP terminal at Bacton (also part of the sale
package)



EAST LEMAN AREA

Field                      Blocks              Interest (%)      Operator

East Leman                 49/27, 49/28F1        48.37              BP



•        BP operates the eastern sector of the Leman field (50km east of
Bacton). The eastern sector came on stream in August 1968 and has been developed
using nine platforms. All gas is routed to platform 49/27A and then exported to
the BP terminal at Bacton.



TRENT AND TYNE AREA

Field                      Blocks              Interest (%)      Operator

Trent                      43/24a                 100.00            BP
Tyne                       44/18a                 100.00            BP



•        Both these fields are developed using a single unmanned platform. Gas
is routed to Trent and then via the Esmond Transmission System (also part of the
sale package) to the BP Bacton terminal.



OTHER FIELDS AND BLOCKS

Field                      Blocks              Interest (%)      Operator

Pickerill                  48/11a, 48/11b          56.13            BP
Waveney                    48/17c                  86.00            BP
  --                       48/11c                  50.00            ExxonMobil
  --                       53/5b                   40.00            BP



•        Pickerill field is situated 65km east of the Humber estuary. First gas
was in 1992. There are two unmanned platforms on Pickerill and gas is exported
to the ConocoPhillips operated Theddlethorpe terminal.



•        First gas for Waveney was in 1998.  It has been developed with an
unmanned platform and 2 wells. Gas is exported to the ConocoPhillips terminal at
Bacton.



TERMINAL AND PIPELINES

Pipeline/Facility                                   Interest (%)        Operator

BP Bacton Terminal                                     42.48               BP
East Leman - Bacton Pipeline                           48.37               BP
Inde - Bacton Pipeline                                 18.23               BP
Esmond Transport System                                12.50               GdF
Pickerill - Theddlethorpe Pipeline                     56.13               BP



•        As part of the sale package, BP is selling its equity stakes in the
relevant export pipelines and the BP terminal at Bacton.  The terminal can
handle 2.4bcfd of gas and 2.8mbd of liquids.



Further enquiries:


Richard Grant, BP press office, Aberdeen, tel: [phone],
mobile: [phone]


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


Paddy Spink, Perenco, London, tel: [phone]


Web sites:        www.bp.com
                  www.perenco.com



                                      ENDS 


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