BP (BP)

Norway

        In 2004, total Norway production was 84 mboe/d, a 9% decrease on 2003. This decrease in production was driven by the divestment of the Gyda asset to Talisman, natural decline and shutdown of the Tambar field for just over three months owing to operational problems. The decrease was partly offset by high operational efficiency on the BP operated Ula and Valhall fields, and new wells coming on stream on the two Valhall Flank platforms. The Tambar field was returned to production during the year.

35

        Significant activities included the following:

—

On November 20, 2004, we entered into an agreement with the Danish utility company, DONG, to sell our 10.3% interest in the Ormen Lange development and our 10.2% interest in the Langeled gas export pipeline. The agreement was completed on February 28, 2005 with effect from January 1, 2005.



—

Water injection commenced on Valhall (BP 28.1% and operator) in 2004. The concept for the Valhall redevelopment was progressed in 2004, targeting installation of a new Valhall platform in 2009.

Norway

        In 2004, total Norway production was 84 mboe/d, a 9% decrease on 2003. This decrease in production was driven by the divestment of the Gyda asset to Talisman, natural decline and shutdown of the Tambar field for just over three months owing to operational problems. The decrease was partly offset by high operational efficiency on the BP operated Ula and Valhall fields, and new wells coming on stream on the two Valhall Flank platforms. The Tambar field was returned to production during the year.

34

        Significant activities included the following:

—

On November 20, 2004, we entered into an agreement with the Danish utility company, DONG, to sell our 10.3% interest in the Ormen Lange development and our 10.2% interest in the Langeled gas export pipeline. The agreement was completed on February 28, 2005 with effect from January 1, 2005.



—

Water injection commenced on Valhall (BP 28.1% and operator) in 2004. The concept for the Valhall redevelopment was progressed in 2004, targeting installation of a new Valhall platform in 2009.