BP And Amerada Hess Agree Swap

abarrelfullabarrelfull wrote on 08 May 2012 11:02

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30 January 2003

BP has agreed an exchange of interests with Amerada Hess under which BP will swap its 25% interest in block A-18 of the Malaysia Thailand Joint Development Area (JDA), for Amerada Hess's interests in Colombia.

The Colombian interests include a 12% stake in the Santiago de las Atalayas, Tauramena and Rio Chitamena contracts, in which the Cusiana and Cupiagua fields are located; 10% in the Recetor Association contract; and a 9.6% stake in the OCENSA pipeline.

Amerada Hess will also make a balancing payment to BP of $10 million.

The exchange allows both companies to consolidate their portfolios in their respective areas and focus on activities where they already have material upstream businesses. It adds some 58 million barrels of proven reserves to BP's Colombian portfolio.

The deal is subject to certain regulatory approvals and notifications. Completion is expected in the first half of 2003.

Notes to editors:

Following the transaction, ownership of the Colombian assets will be:
SDLA/Tauramena/Rio Chitamena: BP 31%*, TotalFinaElf 19%, Ecopetrol 50%

Recetor: BP 50%*, Ecopetrol 50%

OCENSA: Ecopetrol 35.29%, BP 24.8%*, TOTAL Pipeline Colombia 15.2%, Enbridge 24.71%

*After consolidating interests with Triton Colombia Inc and Triton Pipeline Colombia

Current production from the Cusiana/Cupiagua fields is some 190,000 barrels per day gross, with a further 25,000 barrels per day gross from the Recetor licence

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