24.11.2003 – 12:08

BP plc

euro adhoc: BP PLC
BP ANNOUNCES THIRD UTRA-DEEP WATER DISCOVERY OFF ANGOLA (E)

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November 24, 2003

BP ANNOUNCES THIRD UTRA-DEEP WATER DISCOVERY OFF ANGOLA

Sociedade Nacional de Combustiveis de Angola (Sonangol) and BP today
announced the 'Marte' oil discovery in the ultra-deepwater Block 31,
offshore Angola. This is the fourth exploration well BP has drilled
in Block 31, and the third successful discovery following the
Plut(C)?o and Saturno discoveries, which lie some 20 to 25 kilometres
from Marte. BP plans to drill one further exploration well, Venus-1,
in this area this year.

BP is currently exploring various development concepts. The roximity
of Marte to Plut(C)?o and Saturno makes a joint evelopment likely,
however, further work will be required to define the scope of any
subsequent development.

The Marte-1 well was drilled in a water depth of 2,000metres some 175
kilometres off the Angolan coast, and reached a total depth of 4,193
metres below sea level. It flowed at 5,200 barrels a day during
testing.

Block 31 and its operatorship was awarded in 1999 by Angola's state
oil company Sonangol to BP with a 26.67 per cent equity together with
its partners Esso Exploration and Production Angola (Block 31)
Limited 25 per cent, Sonangol, E.P. 20 per cent, Statoil Angola
A.S.13.33 per cent, Marathon Petroleum Angola Block 31 Limited 10 per
cent and EPA (Block 31) Ltd (a member of the Total group of
companies) 5 per cent.

Notes to Editors:

· BP's involvement with Angola goes back to the mid-1970s. During the
1990s, BP made very substantial investments in Angola's offshore oil
and it is now an important part of the company's upstream portfolio.
BP has interests in four blocks with operatorship of two.

· Operatorship of Block 31 was awarded to BP Exploration (Angola)
Limited in May 1999. The Block covers an area of 5,349 square
kilometres and lies in water depths of between 1,500 and 2,500
metres. This is normally classified as ultra-deep water.

· BP also operates Block 18, which contains the Greater Plutonio
project. BP has 50 per cent equity in the Block. Shell also has 50
per cent.

· BP's other interests in Angola are:

Block 15 operated by Esso (BP 26.67 per cent equity), which
contains the Kizomba A, Kizomba B and Xikomba fields that are now
being developed.

· Block 17 operated by Total (BP 16.67 per cent equity), which
contains the Girassol field, which came on stream in December 2001
and the Dalia field, which was approved for development by Sonangol
in May 2003.

- ENDS -

This information is provided by RNS
            The company news service from the London Stock Exchange

end of announcement        euro adhoc 24.11.2003

Further inquiry note:

Further enquiries:

Toby Odone, BP press office, tel: +44 (0) 20 7496 5256

Branche: Energy
ISIN: GB0007980591
WKN: 850517
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