BP Says Atlantis Platform Sets Sail in the Gulf of Mexico

Discovered in 1998, the Atlantis Field development is designed to utilize the deepest moored semi submersible platform in the world. The water depth at the semi (PQ) location is 7,074 ft (2,156 m). It is designed to process 200,000 b/d and 180 mmcf/d. First oil is expected in 2007. Oil and gas will be transported to existing shelf and onshore interconnections via the Mardi Gras Transportation System.

--BP operates the development (56% interest), with co-venturer BHP Billiton owning the balance.

--Field will be developed via semi-submersible Production / Quarters facility, supported by a network of wet-tree subsea wells.

--Development drilling and well completions will be conducted using a long-term development Unit (LTDU), the Global Santa Fe Development Driller 2.

--Export is via separately funded and approved Mardi Gras export pipelines.

--Project is in the execution phase currently, with the hull having been built in Okpo, Korea, and the topsides modules being built in Morgan City, Louisiana. The integration of the hull and topsides will occur in Ingleside, Texas.

Moored Semi-submersible PQ (Production and Quarters); ABS Classed and Certified "Floating Offshore Installation;" All Subsea Wells

    Location                       Green Canyon 787 190 miles S of New Orleans
    Operator                                                          BP (56%)
    Partner                                                 BHP Billiton (44%)
    Water Depth                                        7074 ft (@ PQ location)

    Processing Capability
    Annualized average throughput -- Oil                         200,000 BOPD
    Annualized average throughput -- Gas                           180 MMSCFD
    Produced Water Peak                                              75M BWPD
    Water Injection                                                75 M BWIPD

    Topsides Description
    Topsides layout                          3 production / utilities modules
    Topside modules lift weight                              14125 short tons
    Main Power Generation Capability                                   63 MW.
    Quarters                                                       60 persons
    Helideck                                  sized for an S-61 w/S-61 parked

    Hull Description
    Lightship weight                                        46856 metric tons
    Dry Transport weight                                    30882 metric tons
    Hull Displacement                                       88826 metric tons
    Mooring                   12 x 5-3/4" wire rope & chain with suction pile
    Main Deck                                                    403 x 294 ft
    Normal Draft                                                        85 ft
    Column Dimensions                                   4 @ 67 x 67 ft height
    Pontoon Height                                                      36 ft

    Discovery Announced                                                  1998
    First Oil                                                            2007

BP began deepwater Gulf of Mexico operations in the mid 1980s. BP produces in excess of 350,000 boe/d (barrels of oil equivalent per day) from nearly two dozen fields, including BP operated facilities at Na Kika, Pompano, Marlin, Horn Mountain, Mad Dog and Holstein. BP also operates a number of subsea tie-backs in the Gulf.

Execution of our exploration strategy has delivered excellent results, yielding a strong portfolio of large, high quality development projects. Focused exploration will continue across our portfolio.

BP undertook an unprecedented simultaneous development of five major projects in the Gulf of Mexico. Two have been completed. The remaining three -- Thunder Horse, Atlantis and the pipelines within the Mardi Gras Transportation System -- will be complete in 2007.