Disposal

BP PLC
17 June 2005


PRESS RELEASE

June 17, 2005

This press release was issued late yesterday in Trinidad and Tobago.

BPTT AGREES SALE OF TRINIDAD OILFIELDS

BP Trinidad and Tobago LLC (bpTT) announced today that it has reached agreement
for the sale of the Teak, Samaan and Poui (TSP) oil fields, off the south east
coast of Trinidad to Perenco and Neal & Massy Energy. The sale is conditional on
whether Repsol YPF, which is a shareholder in bpTT, exercises its pre-emption
right to purchase the TSP assets.

BPTT will retain deep exploration and production rights across the TSP acreage.

Repsol has 30 days to exercise its pre-emption right. The Government of Trinidad
and Tobago has 60 days to exercise its option to purchase up to 15 per cent
equity holding in the TSP assets.

The consideration payable at completion will be US$229 million.

Perenco, who will become the operator, is an experienced independent operator
with a track record of investing in and extending the life of mature hydrocarbon
assets. Neal & Massy Energy is the energy business unit of Neal & Massy Holdings
Limited, a publicly traded conglomerate on Trinidad and Barbados stock exchanges
with more than 80 years of experience in operating companies in Trinidad and
Tobago and throughout the Caribbean.

The TSP fields currently produce approximately 20,500 barrels of oil equivalent
per day (five per cent of bpTT's current production of oil and gas). The assets
comprise bpTT's three longest-producing fields, the associated offshore
infrastructure - 14 platforms - and exploration and production licences. The
bpTT-owned Galeota terminal is not part of this sale; the new owners of TSP will
pay bpTT a fee for processing and handling of TSP liquids. BPTT announced its
intention to sell the TSP assets on March 11, 2005.

BPTT Chairman and CEO, Robert Riley said: 'I am very pleased for bpTT and the
potential buyers. I need to give the highest praise to the members of the TSP
team for their professionalism in maintaining their focus on safely operating
the fields during the transition period.'

Subject to Repsol's pre-emption and regulatory and other approvals, bpTT expects
to complete the transaction in September.

Notes to editors:

   • The TSP fields were discovered between 1968 and 1972 and were producing
     by 1974. Peak production of 144,000 barrels a day occurred in 1977. To the
     end of 2004, some 834 million barrels of oil have been produced from the
     fields.
   • bpTT is the operator of the TSP fields and acreage.
   • bpTT is owned 70 per cent by the BP group and 30 per cent by the Repsol
     YPF group.

- ENDS -





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