SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended 17 June 2005
BP p.l.c.
(Translation of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No |X|
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PRESS RELEASE
June 17, 2005
This press release was issued late yesterday in Trinidad and Tobago.
BPTT AGREES SALE OF TRINIDAD OILFIELDS
BP Trinidad and Tobago LLC (bpTT) announced today that it has reached agreement
for the sale of the Teak, Samaan and Poui (TSP) oil fields, off the south east
coast of Trinidad to Perenco and Neal & Massy Energy. The sale is conditional on
whether Repsol YPF, which is a shareholder in bpTT, exercises its pre-emption
right to purchase the TSP assets.
BPTT will retain deep exploration and production rights across the TSP acreage.
Repsol has 30 days to exercise its pre-emption right. The Government of Trinidad
and Tobago has 60 days to exercise its option to purchase up to 15 per cent
equity holding in the TSP assets.
The consideration payable at completion will be US$229 million.
Perenco, who will become the operator, is an experienced independent operator
with a track record of investing in and extending the life of mature hydrocarbon
assets. Neal & Massy Energy is the energy business unit of Neal & Massy Holdings
Limited, a publicly traded conglomerate on Trinidad and Barbados stock exchanges
with more than 80 years of experience in operating companies in Trinidad and
Tobago and throughout the Caribbean.
The TSP fields currently produce approximately 20,500 barrels of oil equivalent
per day (five per cent of bpTT's current production of oil and gas). The assets
comprise bpTT's three longest-producing fields, the associated offshore
infrastructure - 14 platforms - and exploration and production licences. The
bpTT-owned Galeota terminal is not part of this sale; the new owners of TSP will
pay bpTT a fee for processing and handling of TSP liquids. BPTT announced its
intention to sell the TSP assets on March 11, 2005.
BPTT Chairman and CEO, Robert Riley said: "I am very pleased for bpTT and the
potential buyers. I need to give the highest praise to the members of the TSP
team for their professionalism in maintaining their focus on safely operating
the fields during the transition period."
Subject to Repsol's pre-emption and regulatory and other approvals, bpTT expects
to complete the transaction in September.
Notes to editors:
- The TSP fields were discovered between 1968 and 1972 and were producing
by 1974. Peak production of 144,000 barrels a day occurred in 1977. To the
end of 2004, some 834 million barrels of oil have been produced from the
fields.
- bpTT is the operator of the TSP fields and acreage.
- bpTT is owned 70 per cent by the BP group and 30 per cent by the Repsol
YPF group.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BP p.l.c.
(Registrant)
Dated: 17 June 2005 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary