Offshore staff

LONDON -- BP has agreed to acquire from Chevron acreage in the UK central North Sea containing the Arundel and Kidd discoveries.

Subject to approvals, BP will increase its interest in License P103 (block 16/23 South) and will enter License P240 (block 16/22 Arundel). In exchange, Chevron will acquire 2.2% of BP's interest in Alba field.

The Arundel and Kidd discoveries and associated exploration potential are adjacent to the Farragon field which BP operates.

If the approval is received, block ownership will be a follows for Alba: BP, 13.3%; Chevron, 23.37%; Cieco, 8%; ConocoPhillips, 23.43%; Statoil, 17%; Talisman, 2.25%; and Total, 12.65%. Block 16/22 will be BP, 29.89%; ENI, 21.92%; Summit, 41.1%; and Talisman, 7.09%. Block 16/23 will be BP, 83.34%; and ENI, 16.66%.

9/29/06