Disposal

BP PLC 18 June 2001 BP SELLS KASHAGAN STAKE TO TOTALFINAELF BP announced today that it has sold its 9.5 per cent stake in the Kashagan discovery to TotalFinaElf (TFE). Scott Kerr, BP's Kazakhstan Business Unit Leader said: 'We are pleased to have reached this agreement with TFE. 'Besides being in our own interest, we see our move as entirely helpful and beneficial to the venture as we believe that consolidation of the minor interests in the licence group is a positive outcome. 'We remain committed to Kazakhstan with our interest in the Tengiz field and the CPC (Caspian Pipeline Consortium) pipeline.' Notes to Editors: The Kashagan prospect is offshore Kazakhstan in the northern waters of the Caspian Sea. Two wells have been completed to date. BP had booked no reserves from Kashagan, nor did it feature in the company's forward production profile. - ENDS -

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