BP (BP)

Other

        Middle East and Pakistan

—

Production in the Middle East principally consists of the production entitlement of associated undertakings in Abu Dhabi, where we have equity interests of 9.5% and 14.7% in onshore and offshore concessions, respectively. In 2004, production in Abu Dhabi was 142 mb/d, up around 3% from 2003 as a result of OPEC quota increase and strong worldwide demand.



—

In Pakistan, BP is one of the leading foreign operators producing 36% of the country's oil and 7% of its natural gas on a gross basis.

        Azerbaijan

—

BP, as operator of the Azerbaijan International Operating Company (AIOC), manages and has a 34.1% interest in the Azeri-Chirag-Gunashli (ACG) oil fields in the Caspian Sea, offshore Azerbaijan. The Azeri project delivered first oil from central Azeri to Sangachal terminal on March 3, 2005. Successive phases of the project include West Azeri and East Azeri scheduled to come on stream in 2006 and 2007, respectively, and ACG Phase 3 — Deepwater Gunashli, which was approved in September 2004, and is expected to begin production in 2008.



—

The Shah Deniz natural gas field (BP 25.5% and operator) was sanctioned in 2003 and remains on track to deliver first gas in 2006. The stage 1 pre-drilling programme was completed in July 2004 with the third well being successfully suspended. Assembly and installation of the modules and associated equipment for the platform is expected to be completed during the second half of 2005. Phase 2 is scheduled to begin in the first half of 2006 with the drilling of the fourth assessment well.

This adjustment includes the IFRS adjustments made to equity-accounted entities.

73

Other

        Middle East and Pakistan

—

Production in the Middle East principally consists of the production entitlement of associated undertakings in Abu Dhabi, where we have equity interests of 9.5% and 14.7% in onshore and offshore concessions, respectively. In 2004, production in Abu Dhabi was 142 mb/d, up around 3% from 2003 as a result of OPEC quota increase and strong worldwide demand.



—

In Pakistan, BP is one of the leading foreign operators producing 36% of the country's oil and 7% of its natural gas on a gross basis.

        Azerbaijan

—

BP, as operator of the Azerbaijan International Operating Company (AIOC), manages and has a 34.1% interest in the Azeri-Chirag-Gunashli (ACG) oil fields in the Caspian Sea, offshore Azerbaijan. The Azeri project delivered first oil from central Azeri to Sangachal terminal on March 3, 2005. Successive phases of the project include West Azeri and East Azeri scheduled to come on stream in 2006 and 2007, respectively, and ACG Phase 3 — Deepwater Gunashli, which was approved in September 2004, and is expected to begin production in 2008.



—

The Shah Deniz natural gas field (BP 25.5% and operator) was sanctioned in 2003 and remains on track to deliver first gas in 2006. The stage 1 pre-drilling programme was completed in July 2004 with the third well being successfully suspended. Assembly and installation of the modules and associated equipment for the platform is expected to be completed during the second half of 2005. Phase 2 is scheduled to begin in the first half of 2006 with the drilling of the fourth assessment well.