SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act
of 1934
for the period
ended 25 June 2009
BP p.l.c.
(Translation of registrant's name into English)
1 ST JAMES'S SQUARE, LONDON, SW1Y 4PD, ENGLAND
(Address of principal executive offices)
Indicate by check mark whether the
registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F
|X| Form 40-F
---------------
----------------
Indicate by check mark whether the registrant by furnishing the
information
contained in this Form is also thereby furnishing
the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of
1934.
Yes
No |X|
---------------
----------------
|
press release |
June 25, 2009
BP TO SELL WEST JAVA INTERESTS TO PERTAMINA
BP today announced that it has agreed the sale of its wholly-owned subsidiary, BP West Java
Limited (BPWJ), to Indonesian state-owned oil and gas company PT Pertamina
(Persero). BPWJ holds a 46 per cent interest in and is the operator of the
Offshore North West Java production sharing contract (ONWJ PSC) in Indonesia.
Pertamina will purchase 100 per cent of BPWJ from BP for a consideration of US$ 280 million
, subject to final adjustments prior to closing. The two companies anticipate completing
the transaction by 30 June, 2009 and Pertamina will take over operatorship of the ONWJ
assets. In addition, BP and Pertamina have agreed to co-operate on developing coalbed
methane in Indonesia.
Andy Inglis, BP's chief executive of exploration and production said: "Indonesia is an
important country for BP, where we are focusing our upstream oil and gas interests on the
continuing development of our VICO joint venture in Kalimantan and our Tangguh
LNG project in Papua. We are confident that ONWJ will prove a natural fit with Pertamina's
existing businesses and they are the right company to take on this excellent asset with
first class people. We also look forward to working jointly with Pertamina to
evaluate coalbed methane resources on their significant acreage position."
BP and Pertamina have also agreed to deliver the commitments made to the approximately 400
BPWJ employees regarding their employment benefits.
The ONWJ concession covers an area of 8,300 square kilometres immediately
offshore West Java stretching from north of Cirebon to the Kepulauan Seribu.
Facilities include 314 producing wells and 218 offshore structures, of which eleven are
permanently manned flow-stations for processing and compression, and 375 pipelines covering
1,250 kilometres in distance, as well as three onshore gas receiving facilities.
ONWJ's current average gross production is approximately 220 million cubic feet of gas and
22,000 barrels of oil per day.
The ONWJ PSC supplies gas for power generation, and industrial, commercial and residential
consumption in the greater Jakarta area. BP will work with Pertamina to ensure
that customers' supplies are not affected by the transfer of ownership.
The sale will not affect BP's other interests in Indonesia , which remains a core area
for BP with the Tangguh, VICO, Castrol and petrochemical businesses. BP is continuously
looking for ways of growing these assets and accessing new opportunities through
development, exploration and renewal.
Notes to editors:
|
· |
Through various heritage companies, BP has over 35 years experience and is one
of the largest foreign investors in Indonesia. Every BP mainstream
business is represented here, from upstream (Tangguh and VICO) to downstream
(Castrol) and petrochemicals (PT AMI). |
|
· |
PT Pertamina (Persero) is Indonesia's state-owned integrated oil and gas
with more than 50 years experience in the challenging geological environment
of Indonesia and in pioneering the development of LNG. Its
businesses include the exploration and production of oil and gas; the refining,
marketing of oil products and petrochemicals; and the development of biofuels,
geothermal power and other sustainable alternative energy sources. Pertamina
has operations and facilities throughout Indonesia, and serves the energy
needs of over 220 million Indonesians. |
|
· |
The other holders of interests in ONWJ PSC are: CNOOC ONWJ Ltd. (36.7205
per cent), Inpex Jawa Ltd (7.2500 per cent), Orchard Energy Java B.V.
(Salamander) (5.0000 per cent), Itochu Oil Exploration Co, Ltd. (2.5795 per
cent) and Talisman Resources (N.W. Java) Ltd (2.4500 per cent). |
|
UK:
David Nicholas |
Indonesia:
Tantri Yuliandini |
- ENDS -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
BP p.l.c.
(Registrant)
Dated: 25 June 2009
/s/ D. J. PEARL
..............................
D. J. PEARL
Deputy Company Secretary