BP Aims to Reduce Issued Share Capital with Repurchase Program

BP has in place a buy-back program, managed by an independent third party, which makes its trading decisions in relation to BP's securities independently of, and uninfluenced by BP. The program starts on January 1, 2008 and ends on February 5, 2008. The shares purchased on behalf of BP plc are for holding in treasury.

The aim of the program is to reduce the issued share capital of BP plc.

Any acquisitions will be effected within certain pre-set parameters, and in accordance with both BP's general authority to repurchase shares and Chapter 12 of the Listing Rules which requires that the maximum price paid be limited to no more than 105 per cent of the average middle market closing price of BP shares for the 5 dealing days preceding the date of purchase. The company confirms that it currently has no inside information.