BP To Transfer Its Interests In Two Venezuelan Operations To Perenco

www.pandct.com 27/02/03

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.