29.06.2004 – 08:55

BP plc

euro adhoc: BP PLC
BP FILES FORM 20-F WITH US SECURITIES AND EXCHANGE COMMISSION (E)

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  The issuer is responsible for the content of this announcement.

June 29, 2004

BP FILES FORM 20-F WITH US SECURITIES
AND EXCHANGE COMMISSION

BP's 2003 Form 20-F, filed with the US Securities and Exchange
Commission (SEC) in Washington, D.C. late yesterday, shows total
proved reserves reported under SEC requirements are 23 million
barrels more than those presented in its 2003 Annual Report and
Accounts to Shareholders issued in March.

BP's 2003 Form 20-F - which reconciles its financial accounts,
published under UK Generally Accepted Accounting Practice (GAAP),
with US Generally Accepted Accounting Principles - reports proved
reserves of 18.361 billion barrels of oil equivalent, compared with
18.338 billion barrels in its 2003 Annual Report and Accounts.

BP said that it considers the 23 million barrel difference, which
represents some 0.1 per cent of its total proved reserve base,
including equity accounted entities, to be immaterial.

As a UK-registered company reporting under UK GAAP, BP determines its
proved reserves under the UK Statement of Recommended Practice,
Accounting for Oil and Gas Exploration, Development, Production and
Decommissioning Activities (SORP).  In estimating reserves, it uses
long-term planning prices to determine the commercial viability of
upstream resources. For 2003 these prices were $16 a barrel for oil
and $2.70 per thousand cubic feet for natural gas.

In contrast, SEC guidelines require the use of year-end market prices
which, as of December 31, 2003, were $30.10 a barrel for Brent crude
and $5.76 per thousand cubic feet for Henry Hub gas.

Using year-end prices and assuming they apply to the end-of-field
life has the effect of increasing the volumes of oil and gas likely
to be recovered economically from reservoirs, thus adding to proved
reserves. On the other hand, using year-end prices has the effect of
decreasing reserves in the case of production-sharing agreements
(PSAs) where a higher oil price results in lower volume entitlement.

BP said that use of year-end pricing and some changes in the way it
applies SEC interpretations of SEC regulations relating to field fuel
gas and the use of technology in determining reserves, while giving
rise to larger variations on a regional basis in its proved reserves,
accounted for the upward difference of only 23 million barrels on an
aggregate basis between its 20-F and UK SORP estimates.

The company believes that its long-term planning price assumptions
provide the most appropriate basis for estimating oil and gas
reserves and will continue to use this basis for its UK reporting.

The company said it had received comments from the SEC on its 20-F
Filing for 2002 and that the SEC review process was still ongoing.

A table setting out BP's 2003 Form 20-F estimated reserves on a
regional basis, with comparable estimates under UK SORP, are included
with this release as Notes to Editors. Copies of the BP 2003 Form
20-F and the BP 2003 Annual Report and Accounts (ARA) are available
at www.bp.com/20F and www.bp.com/ara2003 respectively.

Notes to editors:

· The figures below are total proved reserves for crude oil plus
natural gas, for subsidiaries plus equity-accounted entities, in
millions of barrels of oil equivalent (mmboe):

BP proved        Proved reserves       Difference/    Difference as 
reserves in      reported in 2003      mmboe        % of total 
2003 ARA/mmboe   Form 20-F/mmboe		       proved reserves

UK        1,496      1,647               151          0.8%
Rest of 
Europe      564        625                61          0.3%
USA       5,624      5,956               332          1.8%
Rest of 
Americas  4,330      4,225              (105)         (0.6%)
Asia 
Pacific   1,049      1,063                14           0.1%
Africa    1,635      1,310              (325)         (1.8%)
Russia    1,794      1,805                11           0.1%
Other     1,846      1,730              (116)         (0.6%)
Total    18,338     18,361                23           0.1%

- ENDS -

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

end of announcement        euro adhoc 29.06.2004

Further inquiry note:

Jude Tomalin
020 7496 4062

Branche: Energy
ISIN: GB0007980591
WKN: 850517
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