BP Considers Selling Gyda Field

Gyda is a mature asset with low materiality and as such no longer fits BP's portfolio. The field does however have future potential and there is still significant value and upside potential, which should be attractive for other companies.

This move is part of the BP Group's drive to high grade its global portfolio of producing assets. The North Sea is still an important area to BP and will remain so for many years. Valhall is a good example of a mature field that continues to attract significant BP resources.

Asset trading is not a new concept in the North Sea and BP believes that Gyda would be very attractive to other companies. BP as operator holds 61 percent of the Gyda field. This strong majority ownership position will provide the new owner the ability to direct the further development of the field.

The authorities have been informed of the company's decision to sell Gyda and BP are working with them towards the necessary approvals.

There are roughly 70 BP employees offshore with additional support from contractors and onshore personnel. All BP Gyda dedicated staff will be treated in accordance with the Transfer of Undertaking rules in the Working Environment Act. BP will now start consultations with the unions and consultative committees regarding personnel issues.

BP aim to conclude a deal and make all necessary transactions by the end of 2003.