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 19 May, 2003
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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May 19, 2003
BP TO SELL GYDA FIELD INTERESTS TO TALISMAN
BP announced today that it has agreed to sell its 61 per cent operated share of
the Gyda field for $90 million in a cash transaction to Talisman Energy Norge
AS, a wholly owned subsidiary of the Canadian based company Talisman Energy Inc.
The sale has an effective date of 1 January 2003 and is subject to Norwegian
regulatory consent and other approvals. The companies expect that the deal will
be completed by 4Q 2003.
The transaction also includes BP's share of the Gyda gas pipeline and its full
45 per cent share of the adjacent exploration license PL 019 C.
The Gyda field's remaining gross booked recoverable reserves at January 2003
were 23.2 million barrels of oil equivalent (boe). Current gross production is
approximately 13,000 boe per day.
Scott Kerr, head of BP's Norwegian Business Unit said: "We are pleased to have
reached this agreement with Talisman. Talisman is a global operator with a
proven track record of acquiring producing fields and focusing operations to
improve performance and increase field life.
"The admission of a new entrant into the Norwegian Continental Shelf can only
benefit the province as it matures. This is also aligned with the desire of the
Norwegian authorities to have a greater diversity of companies to the region. We
will provide all necessary assistance to Talisman and the employees to ensure a
safe and smooth transfer of Gyda."
BP remains committed to Norway with significant investments in the Valhall and
Ula fields, and is also a partner in Ormen Lange and operator for the Skarv
field development. The company was awarded exploration acreage in Norway's 17th
licensing round in 2002 and expects to participate in the 18th round.
Notes to Editors:
- The Gyda field is located in the Southern part of the North sea in block 2/1,
license 019B. The license was awarded in 1965 and the field came on stream in
June 1990.
- Total recoverable reserves were 225 million barrels of oil, 240 billion cubic
metres of gas and 26 million barrels of condensate. Other partners in the Gyda
field are DONG (34 per cent) and AEDC (5 per cent).
Further enquiries:
Olav Fjellsa, Manager, Government and Public Affairs BP Norge - tel: +47 5201
3490/ +47 9348 2060; email: fjellso@bp.no
Jan Erik Geirmo, press spokesman BP Norge - tel: +47 52 01 3205/+47 9348 2596
email: geirmojane@bp.com
John MacDonald, Talisman Inc: 44 1224 80 66 00, mobile:44 777 088 6912
END
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: 19 May, 2003 /s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary