BP : to sell part of interests in Magnus field and Sullom Voe terminal in UK North Sea to EnQuest

Notes to editors

The deal comprises:

• The sale of 25% of BP's 100% interest in the Magnus field, including the transfer of operatorship:
  • BP will retain the remaining 75% of the Magnus field as a non-operating co-owner
• The sale of 25% of BP Exploration Operating Company Limited's (BPEOC's) 12% interest in SVT, including the transfer of operatorship (subject to partner and regulatory approval):
  • BPEOC will retain 9% of SVT as a non-operating owner
  • BP will also retain 4.4% of SVT through Britoil
• The sale of 25% of BP's interests in associated pipeline systems:
  • 9% from BP's 36% interest in the Northern Leg Gas Pipeline (NLGP), including the transfer of operatorship
  • 3.83% from BP's 15.32% interest in the Ninian Pipeline System (NPS), including transfer of operatorship
• Production from Magnus averaged around 17,000 barrels of oil equivalent per day gross during 2016
• The sale will not impact BP's rights to capacity in SVT
• BP is continuing to invest in its major projects west of Shetland, Clair Ridge and Quad204, both of which will bring important new oil into production
• BP is also investing significantly in the reliability and integrity of existing assets through an extensive renewal programme. It recently completed a Magnus life extension programme and is nearing completion of a £670m investment in the ETAP cluster of fields which is expected to extend its future until at least 2035
• Over the next 18 months, BP plans to participate in up to five exploration wells in the UK in addition to drilling approximately 50 development wells over the next 3-4 years
• BP was awarded 12 licence blocks across the northern and central North Sea as part of last year's 28th licensing round and has participated strongly in the 29th round

Further information

BP North Sea press office: +44 (0)1224 833056 / +44 (0)7917 307430

BP press office, London: +44 (0)20 7496 4076, bppress@bp.com

Cautionary statement

In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), BP is providing the following cautionary statement. This press release contains certain forward-looking statements concerning BP's agreement to sell part of its interests in the Magnus oil field and Sullom Voe Terminal and associated pipeline infrastructure to EnQuest including expectations related to payment by EnQuest; expectations regarding the sale and transfer of operatorship and the timing thereof; plans and expectations regarding transfer of and consultation with staff; plans and expectations related to gas export and processing from other BP North Sea fields; plans and expectations regarding future opportunities, ongoing and future projects in the North Sea and the effect thereof on the life of BP's North Sea fields and participation in exploration wells and drilling of development wells. Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; the timing, quantum and nature of divestments; the receipt of relevant third-party and/or regulatory approvals; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; regulatory or legal actions; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under 'Principal risks and uncertainties' in our Stock Exchange Announcement for the period ended 30 June 2016 and under 'Risk factors' in our Annual Report and Form 20-F 2015.