2009-08-05-2009-08-01

To buy subsidiary, holding 46% WI in 8,300 sq. km. Offshore North West Java PSC in Indonesia.

Indonesian oil and gas company PT Pertamina plans to acquire BP Plc (NYSE: BP) Indonesian subsidiary BP West Java Ltd. for US$280 million. BP West Java holds a 46% interest in and is the operator of the Offshore North West Java production sharing contract in Indonesia. The ONWJ concession covers 8,300 square kilometers immediately offshore West Java from north of Cirebon to the Kepulauan Seribu. Facilities include 314 producing wells and 218 offshore structures, of which 11 are permanently manned flow stations for processing and compression, and 375 pipelines covering 1,250 kilometers, as well as three onshore gas receiving facilities. ONWJ's current average gross production is approximately 220 million cubic feet of gas and 22,000 barrels of oil per day. In addition, BP and Pertamina have agreed to cooperate on developing coal-bed methane in Indonesia. Andy Inglis, BP chief executive of exploration and production, says, "Indonesia is an important country for BP, where we are focusing our upstream oil and gas interests on the continuing development of our VICO joint venture in Kalimantan and our Tangguh LNG project in Papua…We also look forward to working jointly with Pertamina to evaluate coalbed-methane resources on their significant acreage position."