BP Announces Deepwater Gulf of Mexico Discovery - Teams Up With Israeli Co.'s Partner Noble Energy

BP website, Release date: June 6, 2007

HOUSTON, TX - BP Exploration & Production Inc. (NYSE: BP) announced today a hydrocarbon discovery in an exploration well that tested its Isabela prospect in the Gulf of Mexico. The well is located on Mississippi Canyon Block 562 in approximately 6,500 feet of water, about 150 miles southeast of New Orleans. Isabela was drilled to a total depth of approximately 19,100 feet into Miocene era sands.

“Isabela is an excellent addition to our portfolio of discoveries in the Gulf of Mexico” said Dave Rainey, BP’s Vice President of Gulf of Mexico Exploration. “It will likely be tied back to our Na Kika production platform, helping to maximize the value of that infrastructure.”

The well is operated by BP Exploration & Production Inc. with a 67% working interest and is co-owned by Noble Energy, Inc. (NYSE: NBL) with a 33% working interest. The lease was acquired at federal OCS Lease Sale 169 in March, 1998.

BP is one of the world’s largest energy companies, with interests in more than 100 countries and over 100,000 employees across six continents. BP’s business segments are Exploration and Production; Refining and Marketing; and Gas, Power and Renewables, which includes its Alternative Energy business. Through these business segments, BP provides fuel for transportation, energy for heat and light, retail services, and petrochemical products.

Further information:
Name: Neil Chapman
Office: BP Press office, Houston
Telephone: 281-366-7115