BP Purchased TotalFinaElf's Offshore Nile Delta Concession

BP Egypt has reached agreement to purchase TotalFinaElf's 50 percent interest in the West Mediterranean Deep Water Area Concession in the offshore Nile Delta area for an undisclosed amount. Before the sale, BP was operator of the concession with a 50 percent interest. This purchase will compliment BP's existing positions in the adjacent North Alexandria and North Idku concessions. BP has drilled four successful wells in the adjacent areas, which have over two trillion cubic feet of proven natural gas reserves. The first exploration well in the West Mediterranean Deep Water Area Concession will be drilled later this year. BP and TotalFinaElf were awarded this concession in 1999 for an initial term of five years with a commitment to spend $48 million and drill one well.

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