press release

BP announces Mad Dog spar arrives in Pascagoula

The following news release was issued by BP

HOUSTON, Jan 22, 2004 -- BP (NYSE:BP) announced today that the 20,000-ton spar for the BP-operated Mad Dog development had arrived in Pascagoula, Miss., following a 3-week journey from its construction site in Pori, Finland.

The spar will be towed to the Mad Dog field location in the Gulf of Mexico, following routine testing and final preparations at the port. The Mad Dog facility will be located at Green Canyon Block 826 in 4,500 feet of water. Peak production rates are expected to be 80,000 barrels of oil per day and 40 million cubic feet per day of gas. First oil is scheduled by early 2005.

BP has 60.5 percent equity interest in the project, BHP Billiton 23.9 percent and Unocal 15.6 percent.

Mad Dog is one of a number of signature BP deepwater developments online or scheduled for startup in the next two years. These projects include Na Kika (which is already online), Holstein, Thunder Horse, Atlantis, and the Mardi Gras Transportation System (already online).

BP is one of the largest acreage holders in the deepwater Gulf with more than 650 gross blocks in water depths greater than 1,500 feet. The company has a substantial reserve base in the deepwater Gulf. BP currently produces more than 300,000 boe (barrels of oil equivalent) per day from its deepwater Gulf of Mexico fields.

BP is an international company involved in the exploration and production of crude oil and natural gas; refining, marketing, supply and transportation of hydrocarbons; and manufacturing and marketing of petrochemicals, and solar and gas-fired power generation.

For more information on Mad Dog or other BP Gulf of Mexico operations, contact Larry Thomas at 281-366-3465.

Updated: January 2004