BP (BP)

Deepwater Gulf of Mexico

        Deepwater Gulf of Mexico is one of our new profit centres and our largest area of growth in the United States. In 2004, our deepwater Gulf of Mexico crude oil production was 182.3 mb/d and gas production was 489 mmcf/d. On November 28, the profit centre achieved a record production rate of 360 mboe/d.

        Significant events included:

—

Production from the Holstein field (BP 50% and operator) commenced in December. The Holstein development consists of a moored floating platform, equipped with facilities for simultaneous production and drilling operations.



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Installation of the Mad Dog platform was completed in 2004. Production from the Mad Dog field (BP 60.5% and operator) commenced in January 2005. The platform is equipped with facilities for simultaneous production and drilling operations.



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Na Kika's first oil was produced November 26, 2003 with the ramp up continuing into early 2004 and completed ahead of schedule.

        Development of two major projects continued in the Gulf of Mexico during 2004 — Thunder Horse (BP 75% and operator) is scheduled to commence production in 2005 with Atlantis (BP 56% and operator) following in 2006. Along with Holstein and Mad Dog, these projects will be the major contributor to the anticipated growth in production over the next several years.

        In 2004, BP divested its interest in the Swordfish Development and completed the sale of approximately one half of its interest in the Troika asset.

Deepwater Gulf of Mexico

        Deepwater Gulf of Mexico is one of our new profit centres and our largest area of growth in the United States. In 2004, our deepwater Gulf of Mexico crude oil production was 182.3 mb/d and gas production was 489 mmcf/d. On November 28, the profit centre achieved a record production rate of 360 mboe/d.

        Significant events included:

—

Production from the Holstein field (BP 50% and operator) commenced in December. The Holstein development consists of a moored floating platform, equipped with facilities for simultaneous production and drilling operations.



—

Installation of the Mad Dog platform was completed in 2004. Production from the Mad Dog field (BP 60.5% and operator) commenced in January 2005. The platform is equipped with facilities for simultaneous production and drilling operations.



—

Na Kika's first oil was produced November 26, 2003 with the ramp up continuing into early 2004 and completed ahead of schedule.

        Development of two major projects continued in the Gulf of Mexico during 2004 — Thunder Horse (BP 75% and operator) is scheduled to commence production in 2005 with Atlantis (BP 56% and operator) following in 2006. Along with Holstein and Mad Dog, these projects will be the major contributor to the anticipated growth in production over the next several years.

        In 2004, BP divested its interest in the Swordfish Development and completed the sale of approximately one half of its interest in the Troika asset.