Anda di halaman 1dari 47

CONFIDENNAL

ExplorationForum Meeting,2-5th February2009,Stoke Park,Slough


Attendees: MikeDaly AshleyPrice D.aveRainey Rebecca Wiles Jens Pace Peter Carragher SpencerHowe GeoffHill Neil Piggott JonathanEvans PaulClyne DougHill

GVPExploration Egypt GoMX Angola North Africa HoDExploration NAG XX XR SAX Azerbaijan Asia-Pacific

Jay Thorseth Cynthia Blankenship Martinlllingworth HowardLeach ScottSigurdson lnvitees: Maria Nazarke,vych Dharmawan Samsu GaryMolinero GrahamThomas Steve Matthews HelenDoran

GOMDeepwater GOMDeep Gas Head Finance of Strategy Perfomance & Dr,illingCompletions &

HRAdvisor EPT EMIndonesia lndonesia Exploration EPT XR Azerbaijan SPU

Mondav2id Fqbruarv SafetyMoments


Angola Explorer HIPO- RebeccaWiles wiles described droppedobjectHlPo on the Explorer Key learnings a rig. are: 1). There wereunnecessary personnl the rig floorthat may haveresulted additional on in injuries personn6l numbers should minimised be in the pre-iob riskassessment 2).personnel training and competency levelsmustbe superVlsoryroles-contractorsmusthaVe3qUa|ityComPetencyR

use thetool. of rhe'personcn'arse-oi tn t-h"; ::11*:l'n:T:.:fET lhe toors be lompeteni;.-o*;ll.#H must tutty j:: i#ili;ilift#;"il:::::;.:rff'j#""?:i""'ffF;,J:?"**'
contractor Franks.

t_"_"1'-T_y:!j!9{tly coriect.sizl-and

Tangguh OBCseismic surveyboatcollision NearMiss- DougHill Hilldescribed'Near a Miss'wfieresurvey collided an.island Bintuni Theinitial a boat with in Bay. investigation by c9ltft:!91g.qcblamed eroq subsequent investigaUon identified pilot BP has significant issues irirer"niltion with of cGG'sHSErnanagement system. hashalted nigh{ operations t-ime pendirig compliance ii.i oiCGG *itir requirements' challenged .BPBPshould Forum whether incr6ise level HsEopirations the of suirport trrepro1ect. on " Roundtable

Explorauon Forumt February 2009, Stokepark, Stclugh

CONFIDENTIAL

BP-HZN-21 TeMD 1882854 L0

ta4lo
Exhibit No. Worldwide Court

CONFIDENNAL

Paleogene activity CVX haveannounced 50ffi of pay in the Buckskin well.BP'sview is that the prospect requires the west sideto work too to build materiality. Anadarkohave announceda discoveryat Shenandoah well with ;best quality res_ervoir foundto datein the Paleogene'. Otherwellshavefailed-the key iisue appears be trap to definition. bookingopportunity 2009. for

ActlonThorseth: investigate opportunity bookBPnet.resources the Fresian the to lrom discovery 2009. in

Explorauon turum, February 2009, Stoke parlg Slough

CONFIDENTIAL

CONFIDENTIAL

Gulf of Mexlco DeepGas - Cynthla Blankenshlp just Will K well is at 2s,OOOft abovethe primary target,currently running liner.Thin,wet sandswereencountered a tha team is encouraged the highporosity by (14-160/o). Planned is 27,000ft; aspiration to drilldeper TD but is to c.29,000ft penetrate the seismic to all targets. Temperature be a controlling will factor- so far,temperatures are slightly lorver than predic.ted. cross costis now$196m(BP net$5m). Blackbeard discovery the MMSmay be setting precedent operators a with McMoRan allowing by themto holdthe licence throughan SOPwithtechnology studies.

Gulf of Mexico

Thorseth

Macondois a M56 ILX prospectthat could be tied backto eitherNakikaor Pompano.Mean case resourcepotential is 50 mmboeat a CoS of 75%.BP holdsthe;k6yblock 100%.The technicalcase is nearingcompletionbut is. dependent interpretation reprocossed seismic on of data- in paiticular imaging ihe eastchannel the of 3D margin and existence0f a +tjuaydip closure.Forumdiscussed chargemodel in the area- Thorsethagreedto checkthe the final predicted CIVr'C reconcilewith the mappedspill point. and Forum aupforted drillingMacondolubjscttosuccessful completionof the technicaldescription agreedwith XX

Exploratlon Forum, February 2009, StokePdrk, Slough

CONFIDENTIAL

BP-HZN-21 7eMDL0882856 1

CONFIDENTIAL

Tuesdav3d Februarv

ExploraAon Forum. February 2OO9, Stoke Perk, Slough

CONFIDENTIAL

BP-HZN-2 7eMDL0 882857 1 1 |

CONFIDENNAL

2009Capex- Martin lllingworth

Exploratlon Forum, February.zoog, Stoke Parlg Slough

CONFIDENTIAL

BP-HZN-21 7eMDL0882858 1

CONFIDENTIAL

Explorauon Forum, February 2009, Stoke Park, Slough

CONFIDENTIAL

88285e BP-HZN217sMDLo1 I

CONFIDENTIAL
EXPtOTaUOnOnilrng

S ri:liDn

cFOOne 300 37
79 19 83 77 21 44 55{)

February oelta Forum dlscusdon 26 5


79 19 83 2'l 4E3 (881

Canada BU Angola Libya Egypt Australla l,lotth Sea Colombia


fohl SPUS

(35) (33)

Note: Egyptb drillirg capital will likely be lower to reflect a Norember spud date for Flodoa

2008Performance Martinlllingworth
(c.73Ommboe) and SPU performance. combination discoveries The of lllingworth overviowd 2008 Exploration of had deliveredthe best overallperformance ihe access(3.9 bnboeriskedexplorationPl & discoveredresources) due to a numberof items deoade.End year revo<actualsof $466mwere $10m belowthe Decemberexpectation to revexwith accuracy eosting is Fonrmthe opportunity makefulluse of the acrossSPUs- our inability forecast to availablebudget Capexand writ+ofi targetswore met. Subsurface Learning from 2008 Exploration Wells - Geoff Hill deliveredthe predlctedriskeddrill-out drillingin 2008.The programme Hill oveMewedthe resultsof exploration resource volumes. due to pressure The key learnings are: 1. Wells with a Cos >40%tendedto work,whilstthose with CoS <40%tendedto fail. There is a tendencyto over-estimate discoverysizes pre-drill.However,comparedwith previousyears (>33%)deviations of frlm pre-drill there was less over-prediction resourcevolumes& fewer significant presence suggested and we errorrappearsto in the prediction reservoir be of volumeestlmates. The largest and spec. decomp. needto get more predictiveon resevoir predictionusingseismicdata (coherency ). 3. Explorersare still displayingoVer+onfidence prospectparameterprediction pr+drill rangesare not in wide enough prediction biogenic in 4. Potenlial chargeneedsto be included pre-drill 2.

PredictionAccuracy- Howard Leach


Leach oveMewedthe tend to be historicalpredidionaccuracy trends. Risk predic'tion good - prospects is

resource volumes c.80% are below risked the Drill-out. prediction of since 2001. 2009is thefirstyearsince 2000 There been improMng has an trendin terms risktuolume prediction, volumes thatthediscovered havematcied risked the -these Sector drill-outs well predic.tion gqod SPUS and 2 are where accuracy been:very areAngola Egypt has of calibrated data- butsucc*s is buillon anintegrated top4own botom-up / approach; scale theNile the by play = of Pliocene - thennst saismically visible hasonlybeenrealised tho past3 years. over Thisis a result put petroleum (MAZ) improvements signifcant effort intosurgical mapping syslems analysis seismlc and imaging will to similar combined appraisal with dri-lling, There cleerlessons forthsffortthat be requird mature here alg plays sudras Colombia Cone following Magdalena eplontbn success. r19S4 cunent Comparing discovery sinc bookings indicates whilst that, 6ome have increased resource volumes with process giving some confidence theexploration that hando/er andothers decreased, overall the oulclmeis neutral, is woiking. There vadations an SPUleve!. are at

Exploraaon Forum, February 2009, stoke Park, sldJgh

CONFIDENTIAL

1 BP-HZN-21 79MDL0882860

CONFIDENNAL

ic fame is that costs shouldremainflat with

GFOOneExploration SPU to 2008. cunent The

is Forumspendrevielv Action All PULS:EnsureMarchGFO submission in lineWithFebruary

Total coste
Plan

523

489

ffiqffiw

2009G&OOtherby SPU: P&O GoM: salary lease and rental Increases 2008 increased Other $85m Rainey since has G&G to reminded Forum hadtakena $5mctrallenge thisalready. he on Afterdiscussion, agreed a planof $79m be t0 to Rainey posslble, achieved through, vvhere ratlonalislng rentals assumlng modest lease and a 2009salary rlse;theremaybe some savings delaying by filling vacancies occur. any that

Exploradon Forum, February 2009, Stoke Park, Slough

CONFIDENTIAL

BP-HZN-217gMDL01882861

CONFIDENTIAL

Drilling & Completions2008ExplorationDrilling Performance Scott Sigurdson We made slgniflcant head\Arayrduclng on 2098. Sgrprlses Inltlatlve byKate led SeOiSical,NFTln fng No Oritting Bakerhasbeenverysuccessful. qpd bb F\rerto impro\E is The dfling perfdfinaned tfg repairl,lFT. proposal a WellProgramme Forum supported Sigurdson's of Manager meeting Sunbury April. FtF In In

ExploraAonForum, February 2009, Stake Park, Slough

CONFIDENTIAL

BP-HZN-2179MDL0I 882862

CONFIDENTIAL
Subsequent discussions drilling theGoM, on in
practi workingprocess, drill predidions, drilling Eltlt!

of how wells highlighted theapplicationprepressure expandable managed whilstdtilling,

geotap) and best is here liners, weremaking difference performance. a to There an opportunity to develop spread practice across SPUs. pipe monebore Thenext technoiogy include steps wired and drilling. In 2009, Tiber Hodoa both very and will difficult wells. be Learning from 2008wells Deepwater GoM- Jay Thorseth Plan HSE: Zero DAFWCs HIPOs 2009butRecordables up.A Safety & in are lmprovement wasputin place the on Horizon anda fullinvestigation rig incident. keylearning to ensure the is that is undertaken every for Reeordable A process. Marine Crews including thesafety are in Kodiak operations: well a weak weresetshallow. The zonebeneath saltmeant 16"and133/8'casing the the technology critical ensure thenextcasing was werepushed deep possible. Geotap The Geotap to that strings as as press-graf hasbeen datawere accurate thesubsequent measurements. as developed as MDT A'super tool to pressure better visualise whilst drilling. Tiger contact Pinky is Vinson. GoM well Freedom operations: problems initial setting conductor overclme, the were followed excellent by drilling performance. teamis mapping shallow The lhe overburdendetail aidwellplanning; DecisionSpace in to the software is recommended integration visualisation. havealsocreated bffective for vs. and GoM an stress column height spreadsheet calculator. progress technology velocity GoMaremaking with solutions atlovr that rapid model building deliver to overnight processing iterations. -the pursuit that Rainey noted there been had three Dropped Object incidents GoMrigs January on in 2009 of operational safety o<cellence relentless, is

Explorauon Forum, February 2009, Stoke Park, Slough

CONFIDENTIAL

CONFIDENTIAL

capture. a for Deliver process archiving/data Action Carragher: from summarised keylearnings thesession: the lllingworth

in !'t ooru 1 ,',,:1H[X?',:lXXT,:3f:'J:ft"J.il,E$::';:[:",:"ffifllll}iflii:ifiti%,1il,ff


risk New start-uprigs and crews pose a major HSE and performance - majorissuesshouldbe coveredby and kaining. clledEDSfor all rig auditsupport the rig auditteam;BP usesa contractor are Needio ensurebothmarineand drillcrewsafetysystems addressed the of around world. Thereis a shortage competency

safetytheme. 2. DroppedObjectsare a maJor


a

4.
E

by are HIPOs(plusothersby exception) discussed the Forum Actlon PULS:Ensureall Exploration

The Global Rig Market- Scoft Sigurdson


prices.Somemajor Rlg Contractors continuepushingfor $600k+day ratesgfuenlong-termoll futuresof $7185 a range Operatorsare pushingfor day rates in the $500-550ldday barreland long lead times untilcontractexpiries. 'incremental"deal. Petrobras' requirements the big wild-card,both from timing and Braziliancontentperspective. are if The UDW rig supplymight be constrlcted capitalfrom operators(especiallyPetrobras)or banksis not available eventually. numberof new build rigs cunentlyunderuaywas Jack up rig supplywill causemarketweakness.The substantial beforeoil pricecollapse.Twentyfive ofthe new buildJUs to be delivered expectedto put pressureon JU rates,errren some new buildorders already. in 2009 are withoutcontracts.Rowan is cancelling Land rig countcomingoff rapidly,day rate data lags but will fall In summary: . is to The market is weakening- rig availability predicted increasewith the potentialfor dishessedfarm outs for becomingavailable,particularly [tM/ and DW markets,less so with UDW market.

In Nov. 2008BPwasquoted

has since thendayratesentiment slid.

Exploration Forum, February 2009, Stoke Park, Slough

CONFIDENTIAL

BP-HZN-21 TeMDL01882864

CONFIDENTIAL
Supply sideis challenged the credit by crunch neMestablished and contractors shov/ing are signsof neryousness BPappetite commit longtermcontrads verylowcunently to to is Farmoutsmayofferattractive alternative access BPandwillbe pursued. for

RenewalStrategyHelen Doran
Doran presented synthesis the Renewal a of Strategy following discussion the Renewal at Forum July2008. in Theobservation made Exploration rlras that teams notfullyunderstand Strategy; do the therewasan opportunity to roll-out Strategy theteams the to withthe First video Oil Geoff announced rolloutof the newProspect the Hill Definition volume thenewPetroleum ol Geoscience handbook. XX intended roll-out manual sitesthrough year- thiscould to the in the include section Strategy the a on and applicationTopDown Bottom analysis. of / Up Actionlllingworth: schedulesession 2Q2009 a at Forum for Exploration nual Md roll-ouL

AOB The Forum take July will place theUKthe in week 6'n of July.
The 2009 PIDOexdrcise takeplaceduring1Q. Firstsubmissions be requested end February. will will by

f'

Govemance documentation in goodshape;we are missing is TDMson the

February. Wrap-Up
The Peoplesession was highlighted. r o o . The LessonLearntsession has swungtoo farto HSUOperations:we needto eKractmoresubsurfiace lessons learntand understand theirimpacton the Pl (Action Hill/Leach). 2008 performance was tremendous. 2009 perfdrmance be challenging we needto shi:nlrr will leadership and keep pogitive. A roll-out the BP 100year fitmwilltake placein Sunbury Aprilf. of on

HowardLeach

Explorailon furum, February 2OO9,Stoke park, Slough

I
CONFIDENTIAL BP-HZN-21 7eMDL0 882865 1 I
I I

CONFIDENTIAL

Expforation Forum Meeting,27.304'April 2009,Houston


Attendees: Mike Daly Chuck Guderjahn Dave Rainey Rebecca Wiles Jens Pace Peter Carragher Spencer Ho,ve Geoff Hill Neil Piggott Paul Clyne Doug Hill Liz Jolley Head of Exploration Access &

Esypt
GoMX Angola North Africa VP Exploration Geoscience & NAG XX XR Azerbaijan Asia-Pacific Canada

JayThorseth Cynthia Blankenship MartinlllingMrorth Howard Leach ScottSigurdson

GOMDeepwater GOMDeep Gas Headof Finance Strategy Performance & D&CFunclion

Invitees: AhmedAfifi EgyptExploration Peter Bentham EgyptExploration MarioMoreno-Vega EgyptExploration Fergus Addison VP Developments GoM Lauren Segal PULPaleogene GoM StEve Chapp6ll EM Cntral GoM

Mondav 27h April Context MikeDaly


Daly reported that he would need to leav Forum on Wednesday evening because hE is due lo meet the lraqi PM at Downing St on Thursday. He would also noed b go to a Paleogene Review on Monday afternoon and sxpected to be called away by AGI io prepare for a Board preparation. Daly noted thal lhe external environment is tough and this is an important Forum. In 2009, Group is planning $l6bncapex;2010planwillbe$13bn.Forexploration,the20l0fiameis$500mcapexand$ztEOmcostssb choiceswill need to be made. 1Q had been good for the BP Group - good production, good on costs and R&M deliveredwell. In 1Q, we have made good access in GoM and in Egypt.

Roundtable Gulf of MexlcoDeepWater- Jay Thorseth Tiberwell is at 27,000ft having exitedsalt,will sel casingaround 28,000ff withfrst (Eocene) targets around at 29,000ft. Wellhashadsuperdrillingperformance shouldnowreachCretaceous targelsas well,although will -20% (fromPekobras). needan extension Kodiak tor operations. Conoco nowin thewetlfor are Cunenuy, e cross-assignment shouldreduceour costinterest that isteing progressed. Macondo nowhavefinalde$h migralion prospsct 64mmboe 67%Ps. Well is bing planned. and is with Gulf ot MexlcoDeepGas- CynthlaBlankenshlp Will K wellTD'dat 28,286f1 the week-end; logthis waek;managed recover gOft over will to a core(at extreme P A T); BP netcosts<$35m, gross-$250m.Found sandsin Oligocene, Eocene and Paleocene thereis a and thermogenic charge. The Oligocene beencasedandthe reservoirs befierthanexpectd. notyet has are Do havelogsacross Eocene the and Peleocene whichare stillin openhole,butdo havethe 00ftcorecontaining a 65ftgrossinterval veryfine-grained of sandwith preliminary porosities *70/o:mayfind moresandson logi ol thanseenin cuttings. has beena gfeatdrilling lt effort,facilitated having rightrig for thewell,withMpD as by the the keyenabler. TD was calledbecause drillers the weregettingnervous probleims; wellhadreached aftersomewell oonlrol the the trensparent seismic section and haddrilledout of sandandthen60ft intoshale. cuderjahnstatedthat getting gradient a pressure was key andaskedwhether sampling beonprioritized had againsl wireline logs; Blankenship notedthattradilional sampling toolsfailedin the laslsctionbecause the P&T so will logfirstand of thontry to sEmple. answor a question In lo fromHowe,Blankenship advised it is unclar that whythe 6ligocene sandswerewaterwet - whilstthey can'tbe mapped seismic, weld itselfis a four-way on the trapso notionally theyshouldbe trapped. Piggott observed gottingth6wsll to this TD was a fantasdc that efiortand nowneedio Establbh whatit hasfound.Although Hillexpressed G concern predictability, aboutreservoir Blankenship stated thatseismic faoies seemto be robustbutinabitity correlate t6 ageswas a concern. Rsponding a queition to fromD Hill,Blankenship thatthe pressure said regression beenpredicted that lt was moreeldreme had but than the prediction been. had North Sea,Tesla- GeoffHill Gulzean a -500mmboe was discovery the CentralNorthSeain tate2008,creditfor \arhich be received in will in -% prospect, sizeof Culzean, 2009.Teslais an adjacenl witr the key issuebeingits sourcekitchen, has BP farmedintothewell & prospect 25olo; is du to spudin nexlfewweeks;wellwill be operated GDF. at well by

Exploration Forum, April 2O09, Houston

CONFIDENTIAL

BP-HZN-21 7eMDL0 606e71 1

CONFIDENTIAL Angola- RebeccaWiles Girassol Deepwell- a non-operated, holedrilledlateMach/early dry April;foundwater-bearing sand,failure modethought bEfaultseal. to GanadaBeauforl- Llz Jolley goingwell,xpctpermitmid-late 20093D soismic permitting June.As CGGVplanning usa? Norwegian to vessel, Canadian a vessel owner objected, in a 120dayrebuttal has now process triggered 5'March; may on reflagthe Norwegian vessel. TheCanadian Transport Authority makes decision largespendundEr the the contract starlsin mid-June needCTAdecision then.Currently, so by threevessels beingauCited Viking are Vision.an ice-breaker a picketboat.Planto sailfromVancouver PoinlBanow5h - 1Oh and to Julyandstrart acquisition 1sr on August.lce is the issue,havedifferent scenarios shooting for depending uponici conditions whenarriveat surveyafea,will not breakic butjust moveit. A planfor CGGVto usethe VikingVisionin GoM in 2009(to be paidfor in 2010)hasnotyet beendeveloped. Partnering:1ry1n9 get alignment lmperial/Exxon. lo with Exxon wantOperator havetotalcontrolto whichBP to cannotagrE, mightnEedDaly/Cejka meeting. Forumsuggested shouldconsider that bringing Ghevron to in provide counter-belance Exxon. a to CoPis alsointErested accessing in Beaufort. Drilling options Exxonare progressing conversations TransOcean, with although has mde olearthata fait BP accompli unacceptable. is Sigurdson notedthatthereis nota rig thatcandrill this so needsa new-build not but necessarily fromTransOcean. Jolleystatedthatwith current costs,prospects notviablebut thereis drilling are 50%costuncertainty spendinS and in $'1.5m 2009to workthEissues. MackenziE Delta- MGMJ27 discovery -4oobcf.MGMhasa furtherthreewellcommitment is which BP/Chevron wishio transfer devolopment into drilling be spentaflerlhe MackEnzie to Deltapipeline built(i-e. is in 3 or 4 years time); MGMlikely agree. to North Afrlca - Jens Pace Algeria 259o the 2500km2 of Bourarhet appraisal seismic prramme hasbeenacquired expectto drill in 3D early2010. Tharewill be a licence roundin 2009for whichAlgerian authorities havE askedwhattermsBp wouldlikto sebut"oan't change fiscal terms'. Offshore Libya- seismic 507o complele, calching oMowntimein January. up Earlyindications fromseismic are thatthereare largestructures. doesnot havelogsfromtheAmerada BP Hesswellwhichreportedly madea -7tcf discovery is non-commercial lhat because the terms. Western opneda procssing of has cntrein Tripoli. Action Pace:provide lineshowing a Hesswell ahdour acreage the Mayinvestor paok for Onshore Libya- acquked 2300km2 usingthe ISS technique. Saturday On shotthe mitlionth - worldrecord. VP HadbeEndoing'13,000 VPs/day (againa worldrecord)but nowgto,vn 7,000VPs/day terain-hasbecome to as moredifficult.Notethatll.(D0VPs/dayisequivalentto-70Okmz/month. HaveprocessedE50km2-struclures apparing Ordovician at level;keywill be scaleot ths struclures. Ddlling rig procuremenl started. the offshore, has For hopelo entera rig clubwith Exxonand the longteads procurement process beeninitiated will taketimeto getthrough has as NOC. Tripolioffice-working wallwith NOCand otheroperators; become has easierto get thlngsdonorecnfly. Egypt - Chuck Guderrahn Colossus - IEOCwill notfundthe processing 3D whichneds$3mto finish.processing couldbe delayed to nxtyearas well needsto be drilledby 2012. Actlon GuderJahn: forward Datythe briefing to paperfor AGI meeting with ENI Block3 - newspapers unofficially announoed consortium thc winneryestsrday; oonsortium lhe BP as BP had best bonus($51m) andwork programme, hadthe bestcontractor (bonus BG sptit was$4Sm). Block2 - Shellwillfarm-in; Petronas maywll not. Santosis exiting country. wouldlikc SE Julyblockin GoS.Oiherpartners Beachand DanaUK, tho BP are neither whomwill pre-empt.40% Operatorship of and available requires $1mleasepayment. and a Thereare no commitrnents OBC($5-6mnet)in 2O1O?O11 but wouldb sn6iblo. laterdiscussion Forum SE for recommendation South Asla Exploratlon- NetlPlggott Indus- 3D is cornplete cost$'13m. and FarnFout efiortshavabeenunsuccessful. Goirto offeroornpanies the opportunity payinga viewing (-$1,5m)nowto see the dataas soonas theyareprocessed spec of feE (cf selsmic surveys). Actton ltllngworth/Piggott:checkthe accounting rulesof charging viawingf6- can any paymnt treatd a b as a reduction cost?Onlyproceed in with irocess if it canbe so treated. India- firstMCMfor D17to be heldin May. Colombla NellPlggott promise 3D seismic datais showing withlha possibility an EDRbooking 2009from Cartagene a Pl of in and beingbuiltaround four buckets: bdglrt'Cartagena-type' channels, stacked singrle-cycle oventstrapodoverthe prism,dep\,vater accretionary play sbatigraphic comprising channel systems frontof accretionary in prism,and

Exploration Forum, April 2009, Houston

CONFIDENTIAL

BP-HZN-21 7eMDL0 606e72 1

CONFIDENTIAL
section beneath the mass transport complex. Key question will be rvhere best to place an exploration well. Piggott stated that there is e need for an additional power mapper in Bogota for which there is budget and headcount Daly has no objectionsto fillingthis resourcegap Actlon llllngworth/Plggott: colombia forward plans to bo reviewed al July 2009 Forum Renewal - Neil Piggott Foz - being re-evaluated a biogenicplay,albeit probablynot on the Dhirubhaiscale. pl of 10tcfriskedin area as covered by 3D seismic and 6tcf in area covered by 2D, in a variety of trapping geomelries, has been identified. Need to establish the commercial viability of a gas play in this remote region. Russian Arctic - Moscow team accepted the cost challenge from the Aprit Forurn. Following a Bogdanchikov/ Haywardmeeting,it is apparentthal Rosneftwant to completethe KV programme(1 well fi 201011 2011); Hayarard'svian is that BP does this or the Arctic relationshipwith.Rosneftwill end, so Bp should do the cheapest well in KV. Forum discussed whether the deeper play would be a better option than a near shore cheap well. Pace raised the issue of lhe apparnt conflicl between the Rosneft relationship and the TNK-BP shareholder agreement but Daly commented that TNK-BP will have different partners by 2015, say, andthon thingswill be different. Action lllingworth/Piggott: Sakhalin review to be held at October 2009 Forum fullowing an XX review. Review to cover Russian Arctic update as well. Greenland BaffinBay loase round announcedfor May 2010. BP will not nominateany blocks,nominations of which are due during May 2009. Asla-Paclfic - Doug Hill West Berau - seisrnic acquisition is 35% complete; acguisition has besn slow and BP has inlervened lo gt a new source vessel. Brute stacks are indioatingthat there are structures although closure lo north remainJ the key trappingissue. North Arafura JSA - awarded to BP on 23'd March 2009. Kasuri (aka Babo) - will make one more access aftempt with Genting. Ceduna- GXT startedshootingspec data in mid-April.Blocknominations have been made; gazettalwill be announcedthis year for closurein 2010. Azerbaijan - Paul Clyne Absheron - 10% is now on offer, essentially Bp can take it or leave it ExPlorationoffer - has been made containing an.MoU on all prospects. BP is trying to trigger a response around Inglisvbit to Baku in May and the Oil Show in June. Seismic - Peter Garragher Seism.iccosts are going to drop in late 2009 and BP could choose to capture long term options to protct itself from rising ratos (cf2004). USA- Dave Ralney Rainey outlined lhe new business environment in the USA. New edministration,new budget with tax proposals that will make oil and gas invstment less altraclive: rducEd tax crdits, excise tax, sliding royally deiendent upon oil price, production incentive fees, increasing minimum bids, increasing lgase rentais etc. Public hearirps on MMS'S next fiv+'year plan for OCS accss wr held Mc 20h April. In New Orleans, politicianssupportive of industry; for the East Coast politicianswere anti-industry;in Anchorage, evEryone supported industry; for California, people were against the indusky. BP testified'in all the heaiings - MMS were appreciativeof BP's effons. Alsj during w/c 20s April, Waslington DC circuit court upheld one count (out of five) in a complaint from Cantre of Biodiversityagainst the MMS current fiv-year plan (2007 - 2012). Thacourt helti that the MMS did not complete a full environmental assessment in the plan. This could impact ell lease awards from 2007 onwards in GoM and Alaska - thay may all bs invalid. DW G9M SPU is averaging 450kbopd - have done 480kbopd and may reach 500kbopd. Production is underpinned by grat peformance at Thunderhorse.

Egypt Deep Dive - Chuck Guderiahn, peter Bentham, Mario Morcno-Vega,Ahmed Afiti provided overview BP'sbusiness Egypt Guderjahn an of in whichincludes exploration production and activity in the NilDelta, Gulfot suez Endthe WeslernDesert the andindicated the purpose the session that of wasto underpin fiveyear plan.Bendram the described regional geological struclural the and history Egyptfrom of Jurassic through present-day to describing maingiologicalevents the trat havecontrolled diff6ring the hydrocarbon habitats the NileDelta, Gulfof SuzandtheWstern in the Desert. MarioMoreno-Vega described NileDeltaplaysystems detail; the in revierrred success/failure the analysis key of wells;demonstrated impact the that imaging improvements, through MAzseismic technology, havehadon prospecl identitication description and pore pressure and-on prediction; described receni(good) our competitive performance; described and BP'scunentPl, the futurerunning roomin he NileOeltaandtho-five-year drilling programme whichcomprises - threewellsper yearuntil2014. two

Exploration Forum, April 2009, Houston

CONFIDENTIAL

BP-HZN-21 79MDL0606973 1

CONFIDENTIAL

Pace asked whether the SPU's appraisal plan is consistent with the exploration programme as described. Guderjahn stated that lhis issue is being considered so it is nol clear yet; cerlainly, lhe exploration programma is not consislent with delaying all appraisal activity. In the new blocks, a DOCD has to be made within two years of the exploration discovery and first production must be within six years of the DOCD. Ahmd Afifi overviewed GoS and Western Desert play systgms but concntrated on the GoS. Two ILX wells are to bE drilled in GoS in 2009 - NG366 and North Burtocal - which wera idenlified on new OBC seismic data. Proposition is that further OBC could open up previously under-exploredareas (largely coastal transition zones and shippinglanes)which could containsignificent YTF. The largestYTF appearsto be in the NorthernGoS but (even OBC) seismic data quality precludes effective exploration there and so have ohosen to focus in the Southern GoS. Plan is to have a rolling programme of acquiring one or two OBC programms each year with follow-on exploration wells drilled within two years of the OBC acquisition. Access to SE July block is available now from Santos - 40% interest and operatorship. Concession is currently under-explored owing io poor seismic data quality under shipping lanes and is exactly in-line wilh forward strategy for GoS. Expect that an offer of -$1 m (lease capital) would be acceptablEto Santos but ned to make thE offer imminently. There are no commilments on the block but an OBC (-g4m net) would be required to explore effectively and should drill in 2011 before next phase of concession (with commitmenls) starts in 2012. Forum discussed whether pursuing ILX in GoS was activity that it supponed. lt was agreed that ctearty it is activity that will not renew BP; but a cost of $30m gross ($10m OBC and S20m per well) to generate a SOmmboe prospecl at P3of 0.33 gives a discovery cost of -$2yboe which is competitive for llX. On this basis, Forum supporled the thrust of th forward plan for GoS although stressgd that failure in the 2009 wells may well impact the implementationof that plan. Forum also requested the Egypt SPU to priorilise rigorously the various areas of running room end to reconsidr whethr an area (6.9. Northern Go.S)has been screened out prematurely. Forum supported making an ofier for 40% of SE July for a modest (<$1m) payment; Guderjahn subsequently advised that Santos accepted BP's opening offer of $499k.

Tuesdav 28thApril South Atlantic Project(Piggott)


Piggott highlighted the South Atlantic AOl, BP's current regional seismic coverage and the identified gaps that needed lo be filled to maka progress in the South Atlantic Project and an overview of the status of the Cretaceous play along the Ghana/Cote D'lvoire/Liberia/SierraLeone margin. A recent non-compete deal had been signEd with Anadarko in West Afica. Piggott also reviewed recent land grabs being made in East Africa - the area remEins lolrrranked by BP due to source rock presence risks. Piggott proposed purchase of additional 2D seismic data to infill data gaps in Brazil Barreirinhas (rank #'l), Liberia/SierraLono (#1), Equatorial Guinea (#2), Brazil Camamu (#3) and Benin (lt4). A sel of data could be purchased fom TGS for $3.9m (incltdes a bulk purchase discount); in addilion, a $1m credit was available with GXT for additional data purchase, A lam is available to work the data (AngdaDG). Daly asked how we could get ahead of the game - e.g. Anadarko appear to have made a successful early move into the West Aftica Crelaceous play. Piggoft replied that access lo regional seismic offshore is key; onshore, scranir tools such as the Frogtsch stJdies providd a more regional, cost efbctive solution. Forum supported the technical proposal; approval of the purchase was delayed until rEview of 2009 performance and any other options for 2009 seismic spend.

Sanga CBM: lraq Dalystatedthat lrag I?s madean offerof TSAsover I felds; a bllateral negotlatlon proceeding parallel was in with the tfd process. hasdeveloped bid groupwilh the Chinese. BP a Exploration licEnces mayalso be offered. PQgott statedthatXX revie\^red exploraiion potcntial lraqin 2005- onlythe Zagrosplalin Kurdistan thc of was indentified highranked; as Block7 in the westcontains xtension the RishaPaleozoic an of day end may also b-e intetesl. of DalystaledthatBP will approach lraqisin June- this couldinolude desireto explore'in the a Kurdistan. draftnotehas beenprepared. A Actlon Plggott: meetwlth Daltonand McAuslanto ensurethat the exploratlonprlorlfles are property representedIn the lraq brlef. Sanga Sanga CBM ProJectNIco operatd)

2009Performance Summary(llllngworth) Acoess Twoareas where areuncomfortable theprogress Renewal we about in access lraqandlndonesla are Sanga

Exploration Forum, April 2O09, Houston

CONFIDENTIAL

BP-HZN-2179MDL01606e74

CONFIDENTIAL
Daly stated that il did not feel we are on top of this opportunity. Doug Hill confirmed his view lhat loday the project is poorly staffed; Ulian Fandriana is aware of the issue and has st uP a shareholder team within BP to facilitate staffing. Jolly askgd whther there were any NAG staff that could be made availableto help given the recentre-organisafiLn. SPUL William Lin had a focus on the project which had been agreed with AGI at the recent performance Fest. Algerla Pace siated lhere may be a licence round in Algeria in 2H 2009 which may offer blocks of interest it is possible that lha terms witl be improved over those ofiered in 200g. 2009 Drlllhg Programme plan is $500m drillingcapex spend to deliver500mmboenet BP. The cunent capex roll-upis $457mwhich lh.e delivers a risked drill-out of 49Bmmboe. There is headroom of $43m which could risa to $70m'if spud of Hodoa slips into 2010. Drill-out outcomeis highlyleveragedto the successor failureof the Tiberwell. Additionalresourceadditionshave been identified: 1. 2. 3. An extension of the GoM Friesian discovery into BP's Holslein licence could add c.33 mmboe net but requiresBP to trade the logs. Culzeandiscoveryin the UK North Sea - BP has a back-inol c16oh which could deliverc.1oommboe BP net. The cartagena gas discovery may be 0.5-3 tcf gross ard could be bookad in 2OOg following interpretalion the new 3D seismicdata. of

Angola: At this stagethere is still big uncertainty the 2009 drillingprogrammeon Currentlythere is no E&A rig f^o-.-2-010. There are two exploration commitment wells to be drilled and plrtners do not want to drilt them in 2009; it may be possible to negotiato out of at least one of these wells. burrdntly bolh prospects are immature. There is the Possibilityof drilling a Tebe explorationwell (low risk brn limited gross volurnei 3G60mmboe). A wofkshop is planned with Partnersto attempt to resolve some of the rig scheJule issus. The 2009 fonvaid nonop ILX programmeis down to 2 wells for c. $30m nel spend. Egypt:The Gulf of Suez ILX well NG366 will spud in May. The Nile Delta Hodoa well will spud on Nov 1 at fhe earlist. Canada:The current2009 plan is $4.5m for base line studies;this would rise to g19.5m if we signed a JOA with Exxon (not the plan) or g12.8m if a third partnerwas broughtin. Libya: Long lead item costs for 2010 drillingare now g18m- There is a possibility bringingforwardanotherg1_ of 2m from 2010 into 2009. UK: The Tesla farnr"in follow-up to the Culzean discoverphas spudded. $2m is needed for long lead items for the 2010 West of Shetlandcommilmentwell. $3m for long lead items for 2010 drilling; this 2009 spend is conlingent on a Forum decision in July ^C9lo^qoia: 2009 following review of Magdalena Cone prospectivity. GoM: Thorseth requested.extrecapex to increase BP's Wl in Rutile (bigger Wl gives a bigger capex challenge in (CVX willing to farm-down S-10% at a 2:1 promote; an outside chance ofi009 votumes) arid f!10), $oc-gsin Macondo (09 vdume possibility). Daly stated that 7090was plenty Wl in Macondo but was interestod in more Wl in Moccasin- increasing by 5-10% would cost Bp $1&20m. Wl Thorselh stated that Moccasin Pg is the #2 prospect in GoM after Tiber; lhe prognosis is for rFS Cp visoosity oil (like Jack) and could be developed with 15k lechnology. The GoM SPU has justlonfirmed a commitment to the Pg strategy follo,ving a revie\,v with AGl. Forum debatad wtiether BP should farmdown in the Macondo ILX prospec! MCD requested Thorseth farmdovm to BP Wl In Macondo of c.7O%through a deal wlth LLOG or Noble whlch would reduce BP's cost erposure and cteate an allgned partnershlp. Forum suppoiled an Incrcase In coM explorailon drlilng capltat trom $26Sm to $2ZSm to allow coM to negotlate Increased equlty In the Moccasln wetl (something llke 5% at 2 lor 1 or 10.h at.l.S for t). lndia CBM: g10m exposure on India CBM appraisal spend - budget of $21m assumed a farm_outof 50% on a $42m gross programme, but havE slowEd activity to mitigate $11fr of thg increaso.

Exploration Forum, April 2O09. Houston

CONFIDENTIAL

BP-HZN-21 7eMDL0 606e75 1

CONFIDENTIAL
2009
$ miilion

GFo one 300 3755 79 19 83 755 21 433


550

Exptoralton dniltng APrilForum MarGFo


cilscllssron

Delta
1 (1)

Gulf of Mexico CanadaBU Angola Libya Egvpt Australia North Sea Colombia Total SPUS

265 79 19 55 23
454

267 78 19 55 26
457

2009LeaseCapex projected The current spendis g91mvs. a 2009budget $100m. of Spendto dateis $78min coM whichwill reduce $60mif AMls areExercised, $38min Egyptwhichwillreduce $31mif Shellfarms-in 33.306 to and to for Wl in Block 2. Completion thEJordanaccess of wouldrequire c. $20msignature a bonus- Dalystated wouldnot comeout this of the exploralion budget. Blankenship stated that,in theevent WillK success, leases interest of 16 of would available theAugust be in 2009leasesale.lt was likelythatthe Augustleasesalewouldbe relatively ky for DWX(c. $5mspena). lol,v A proposed EgyptGulfof SuezSE July licencE farm-in wouldcostg0.5m.The blockis underexplored beoause of its location benealh shipping lanes.Seismic datacan be acquired devialed and drillingis possible partsof in the block. Forumsupported spending$0,5m farm-lnto thegypt GoSS,E.Juty licence; to anlrt futurespendls contingenton demonstratlng quallty of the opportunlty. the 2009Write-Off 2009write-off on target.The mainwatch-lisl is risksarewrite-offs Pumaand CorlezBankin GoMand c. of $40min Kizomba Phase in Angola. 2 2009Costs MarchGFOlotalcostsare $499m versusa CIP planof $480m. The $499mfigurehas risento $SO2m following incorPoration of+$13mfor Indusseismic -$8.Sm acquisition processing, and Central Teamcostsand-$o.gmf6r UK seismio miE-allocation. Forumreviewed costbudgetby SpU: the GoM:G&GOthercouldbe redlrced trom$79mto $23m. Canada: seismic oostswill be reduced $6.5mlo $58.6m(-$4mGRASP -$2mslippage seismic by bundting, of processing 2010,+90;5mrflagvessel,-$1,0m into accruals). Angola:no ohangos Azerbaiian Turkmenisldn: & Currently plus $3.8m(Azerbaijan) $3.4mheldin RussiaGFOfor Turkmenislan activity. Actlon: Martln llllngworth and Greg Rlley to revlewTurkmenlstan G&G Other costs and determlne whetherthey shoutd be re.classlfledas new buslnessdvelopment North. Africa:.Algeri-a not include budget any2009licence any for rouhdactivity. Libyaat $132.5m with 99es possible savings -$2-3rn of withthrough fual costnegotiations CGG,onboard with iroceising.TheWestern Gecoonshore Libyacontractwill haveto b ra.tendered. Egypt:possibility reduce proposed to Rahemat OBc acquisition -$6.5mif a farm-out bEachieved. by can There are additional processing Golossus costsof $3.5mat BP '100%. Thereis lowconfidence the current in GFO G&GOtherfigureof $14.2m 2008figurewas 916.3m. Australia: selsmic for S4.5m Ceduna selsmlcplus$0.5mG&GOther. 2D Indonesia: programme $6mG&Gother(including NorthfuafuraJSA). $9.5mfor WestBerauseismio plus the Vietnam: $0.1mfor Block06.1seismic reprocessing. NorthSa:-90.9m seismic for mis-allocation; $1.2mfor G&GOther MEP:+$13m Indussismic for acquisition processing and (incrased scopeand no tarm-out achievd). yet Central Team:$5.5mseismic spendon US and Greenland sEbmicplus$2SmG&GOlher. 2D

Exploration Forum, April 2009, Houston

CONFIDENTIAL

BP-HZN-2179MDL01606976

CONFIDENTIAL

The total cost saving was $24m giving a total spendof $478m - belowthe $480m plan. The main upward pressureon this figure will come from EgyptG&G Other,Angola G&G creditand GoM DGX seismic acquisition.Tho main option to reduce will come il w can r-coup costs frorh th Indus 3D seismic programme. Given the historic trend for Cosls to be over-estimaled,there will likely be space to purchase $3.9m of S. Atlantic regional2D seismicdata. The following interventions in the 2009 GFO were agreed: GoM - reduce G&G other by $6m to $73m by ruthless management of lease rentals and P&O costs. Canada - reduce G&G seismic by $6m to $59m reflecting that the GRASP penalty will not be applied and some processing spend will slip inlo 2010Libya - reduceG&G seismicby $9m to $128.5mreflecling decisionnot implement24 hour shoolingonshore. the Egypt - reduceG&G seismicby $3m to $7m as Rahamatseiimic spend is to be farmed out but Polarisseismic processing will be at BP 100%. North Sea - reduce G&G seismicby $0.9m to $0.6m (Skaw seismicwas misallocated the March GFO). in Renewal: Forum supported purchase of the proposed $3.9m of 2D regional seismic data in the S. Atlantic.

MarGFO

April Forum otscusS|on 58.6 1.0 3.3 1.5 128.5 7.0 4.5 5.0 9.5 0.1 0.6 23.4 0.5 (6.0)

Mar GFo ryril FoPm Detta


otscu33tm

CanadaBU Trinidad Angola Azetbatan Algeria Libya

64.6 1.0 3.3 1.5 137.5 10.0 ,1.5 5.0 9.5 0.1 1.5 15.0 0.5

Esvpt Russia Offshore


Aushalia 'ndonasia Vialnam North Sea Central Team' Brazl

11.4 4.0 0.3 3.8 0.4 29.2 14.2 4.0 4.0 6.0 1.2 29.0 0.5

11.4 4"0 6.3 3.8 0.4 29.2 14.2 4.0 4.0 6.0 1.2 29.0 0.5

'includes SAX

ffiffiffiffiffiffi Plan

ilffi

largly located the GoMshelfwith leaselivesof 5 years.Forumnotedthe Oligoceng was veryimmaturo on play at this stage. Thedeepgas leaseportiolio recently has beenrationalized the basisof a playranking; leases on 39 wEre relinquished saving$1.1min rentalcostsin 2009.Manyof the Paleocene/Eocene gas leases Deep expire in 2009;we may be ablto holdsomefor up to 3 yearswithseismic projects (funded Ecopelrol reprocessing via deal)- thereareissueswiththe qualityof seismic imqing. Rprocesslng in progress was prospcG Bethel). (Big overMiocen EPTare undertaking GapAnalysis thetechnology a on needsio develop DeepGasdiscovery caseof a in (e.9.upsized success lubirEand 25k psitre6s). the moment, do nothavethe lechnology DSTanyWll At wE to K discoriery Blankenship asserted DeepGas F&Doostscouldb as lowas $12lboe. that Forumohallenged number this as feelinglow- for instance, we building the costoJlikelyHPHTcompletion are in failures? plan Thefonivard exploration assumes netwellcostsof $60mwith BP at a 60%equityanda promoted BP 40% cost. Pacesuggested moreprospects that werenotthe answer thisstage- the focusshouldbe on understanding at the Will K results and ho!v,in a success cas,thesefildscouldbe developed. needto holdourWill K area We leasepcition whilstwe understand Wll K results. the

GoMDeep Gas Review {Blankenship) progress lheevaluation GoM play. Blankenship reviewod plays in ofthe Deep.gas There four are potential

Exploretion Forum, April 2009, Houston

CONFIDENTIAL

BP-HZN-21T9MDL01606e77

CONFIDENTIAL

Piggott statedthat in his viewthe Miocene wasthe lowestriskptay:Tiberwouldprovide Cretaceous a data point.The teamfocusat this stageshoutd g5%on the paleogene Miocene be plays. and Action Blankenship revlewDeepcas development to costsat the July 2009Forum. Forumdid not supportthe proposal purchase to 3D $6mof PSDM seismlcdataln 2009if the Wilt K well ls successtul. End 2008 Prospect Inventory (Leach) BP'send2008net Pl is flat on end2008at Sbnboe a like-for-tike on basis.Newaccess(GoM,Beaufort) additions havebeenbalanced losses by from exits,revisions drill-out. mainlossei werethrough & The drill-out in Algeria, Azerbaijan, GoM,Egypt, lhroughrevisions Algeria(Bourarhet), in (lnamleadsi and GoM Azerbaijan andthrough disposals Vietnam GoM.Themaingains in and werethrough acquisition newleases GoM& of in Canada Beaufort SEa: Historically, GoMhavesubmifted Drillut andnot Pl. OtherSPUsreportPl as dislinct from Drill-out the comparison Pl anddrill-out ot provides usefulinsights the scaleof investment dritling into in and newaccess. ThetotalBP Pl willincrease >9.Obnboe GoMpl is included to when instead Drill-out. of By comparison the 'ldealPl' of 12bnboe, current with the totalPl remains belowour aspirations. play Test The Pl is nearoptimal- success in.naw.play tstswill underpin futuregrovvth sector i-2 pl. However, in giventhE continued drill-out inevitable end relinquishment licencEs, neld to continue accessNEwplaf & Sector of we to 1-2inventory. Actlon GoMPULS: deflnewhat ls the reatlevelof pl tn the GoM. 2009-201 Drill-Out (Leach) 9 Withcontinued accessin current basins& success newPlayTests,the current in portfolio couldgenerate drilling Capex inveslment options >$1bn/yr+ of 201G15. Thiswouldprovide basis anannual the for drilling capex budget increase the planshapeof $900m to for prospects fromRenewal access becomes incrasingly important 2016+;arlierif play ]n9 n-e9O drillable testsfail. The PIDOportfolio couldprovide basisfor sustaining the current levelsof soismicactivity 201G2013 with sometension around balance spendbetween the of Corex,PlayTesls& Renewal acceis in the neartermgiven playlest success Libyaend Colombia. in Further seismic investment opportunities needlo be identified and accessed 2014i( afall in drill-out by options 2016+is to be avoided The G&GOtheroptions roll-upshowsgrowlhfrom$200mto c.$230m 2010-2014 the addition new with of options and somegroMh in GoMheadcount (120=>138) leaserentals & ($24=>936r lgnewal access oCS). ln thelongterm,we will needto manage "r.. G&GOlhorin areasof deolining delivery makespacefor new to projgcts newareas. in The current PIDOoption is missing set projects majorfollow-on fom nawplaylest success Colombia). {Libya, The PIDOoptionset hasthe potential deliver>1OO0mmbo/year to drill-out 2016basedon a drillingCapexof to >$1bn/yar together withcontinued access existing new In basins, success current in PlayTstsandfurther NewPlayaccess. with NewPlaysuccess, therewill be significant tension ddllinE in capei - Evenwithan increase $900m/year. particular, the levd of ILXfunding to In in (higher Discovery 6osVboe) our abilityto and investin newRenewal access opportunities. Takingthe oplionset through Drilling a Capoxmodelflat at $600m delivers SO0mmboe/yr discovered resourcs (assuming fundedonly- therewoutdbe upside BP fromfarming-out unfunded options). Thiscaseassumes acUYity on 2007/08 flat levds at -18 grossBP funded wells/yr. WithDdllirgCapexincreased $900m/year, to the optionsct delivers T50mmbodyr; assumcs this grours xl.5 2OOtlOg activity to ievcls(-27 grossBP fundad wells/yr). conclusion The wouldbe that,giventhe optionsetwe havebeforeus, we nLeO participate more to in wellsif discovEred volumes to iisg yearon year. are The majorteohnology themes.are Deeprater,HPHTdrilling gas. Significant and biogenic Arcticproduction does not-kick untilbeyond in 2030dueto the expected longleadtima required exploration appraisal in and driliingand project xecution. The$900mdrilling Capexcasecoulddeliver75Ommboe,/yr discoveries up to l mmboepd production and net by 2030.BP's netproduction fiom current Base,Wedge& MajorProject begins declinein ZOiA;if tne aspiration is growth, production of 2.Smmboepd to sustain gap a opensby 2030.Exploration success makea iignificant can contribution filling.the -lmmboepd, but additional to gap resouroe aocess bo required. lonrer delivery will The thJ fromexploralion activity lhe shortterm,the laigergapthat needs be filledby otherresourc in to accessin the mdium-long lrm. PIDO Lessons Learnt (Leach)

Exploration Forum,April 2009, Houston

CONFIDENTIAL

BP-HZN-2 17eMDL01 606978

CONFIDENTIAL
The input to the PIDO exercise is getting more realistic. lt nol provides a summation of BP's exploralion opportunity set. Discoveryvolumes & costs can be risked,but the timingof events is fixed and a big driver on programshape and needs to be carefullyconsidered as such,lhe riskedPIDO roll-upis not a P50 plan. The key challenges doing PIDO well are: 1). realisticprediclion pac6 & volume 2). Properlymanagingthe to of 'end game' in terms of matchingspend to declining delivery,3). Estimating CoS of deliveringthe scale of the YTF resourcespredictedin new play tests, and 4). Gettinga realistic probability timing of new access. & Whilst statisttcal overviewsof PIDO do provideinsighton the shape & size of lhe option set, the biggeslvalue comes from a bottoms-up interrogation of the option set.

Wednesdav 29th Aoril 2010-2012 Seismic & Drilling Options Review (Leach, lttingworth) ThePIDOoption for 2010hasa totalcapex set roll-up $1,177m of delivering 1342mmbo risked drill-out the seismic roll'upis $439m. Forumreviewed 201&2012 the programme seismic drilling and options submitted as through Forurn an SPU by SPUbasis(seeAppendices and2)on 1 GoMDWX: planis to testthesix mini-basin tha focus areas through 2012andcomplete keyPg playtosts. the Theonlyprospects lioonce with expiryissues RutileandMoccasin. are Somedeflation nowbeingseenin is GoMspecacquisition costs;processing costsarestaying PSCMis building set of acquisition flat. a and processing benchmarks. cost GoMDeepGas:the baseplanremains back-to-back programme 1 well peryear,starting a of wilh a Miocene prospecl (BigBethel?) spudin 2010. test to Theprogramme contingent theresults theWillK well;we is on of needto getthedatafromtheBlackbeard deepening. well programme reshaped malchlhe realities current EgyptNileDelta: proposed the was partner (ENl) to of alignment. Hdm deepening would likely slip.Drilling ths recntly in acquired leases couldstartin 2012. Action:GuderJahn get Colossus to readyto drilt in 2011with the opportunity BP to solerlsk. for Actlon:Guderiahn provideLeach/lllingworth a revised to wlth forecast capexand drill<ut basedon of the revlsedprogramme. Angola: E&Arig contract not b rnewed the end of 2009- ihe two commitment the will at wellsshouldbe drilled 2009. moveforward thesuFsaltplayin Kwanze, mayhave fundnewPGS3D seismic in To with we to acquisition. Libya: therE moreflexibility theonshore is with programme wellclmmitment) offshore well (12 drilling than (5 commitment). current The drilling costshaveno learning in. built ActionPace:conslder lmpllcatlons drillingsctredule the for scaleand paceif we makediscoverles the in first two offshorewells, Azerbaijan: 10%equitymaybe available fromTotalin theAbsheron deopprospect. Socarareoffering an us interest D8D10 clyneis keento access in bothDBD10 UmidBabek. ACGdeepandLower and The Surakhany l6sls are likelyto slipinto2013+. Forumdiscussed proposal upgrade the to equipment undertake to programme the evenlof access the SWAPlicence. a largeseismic in to McD supportedpursulng the DBD10 otfer novv- we can alwaysattemptto back-lnto Umld Babekin the future. Forumrecommended clyne conslder bringlng in new equlpmentratherthan upgradeold equlpmentln the evenl of a SWAPselsmlc survey. Canada Beaufort: focusin 2009is !o understand wEcanoperate this environmenl in particular thE how in the preferred drilling systems. programma The assumptions thatBPwill operate are existing licences tOOgt it in 2010andthenfarrndoln to 33%in 201I via a cross-assignment Exxonandontryof a thirdpartyto all with licences. G&GOther wouldreduce 2011. in The question was raisedofhowwe compete with Exxonin tho aroticin a biggersense(Actlon: Piggott). Indonesia: Kalawan the openarea(previously go Arguni) probably b a bid round. will Vietnam: Talisman likelydrill BacDeep2011.Dalyemphaslzed BPwill notbe drilling PhongLanDai will thai the Deepwell;Hillrequeted lhe planned reviervs aheadso thatBP couldprovide go XX partnenr a foimal, with technical viewon the prospect Colombia Magdalena: thereare deep/vater areasot potential interest outboard current of licences theremay bo opportunitios access lo outside bid rounds. preferred of planis to spudthefirstexploration - either The well shallow dcepwater- in 2010;this is flexible thefirst phase the licence or but of exprires 2013andtherewill be in consequences our abilityto drill-out Pl in a success in the caseif we delaythe startof thg drilling programme.

Exploration Forum, April 2009, Houston

CONFIDENTIAL

BP-HZN-27eMDL0 606e79 1 1

CONFIDENTIAL

Pakistan Indus: in January 2010 we will have seen and interpreted the 3O seismic datiaand fulfilled our commitments - we will be able to walk away or choose lo drill a well. This will be a discussion item for the October2009 Forum. Greenland Baffin Bay new access option: seismic acquisition may take place in 2010. Piggott indicated that were BP to participate,w6 would need a partner - Maersk or Aker could provide a good local opportunity. Daly stated that these two companies were not ncessarily the right solution - we should consider whether we need a strategicparlnership the arctic(Action: Plggott). for Trinidad: Forum continues to support $1m/year seismic spend and $5m G&G Other - Forum requested some challangeis neededon the value of this inveslmnt(Actlon: Geoff Hlll to vlslt Trlnldad and challenge these ongoing costs). UK: Action lllingworthto invite Simon Hendry to the July Forum to review the recent UK exploration success and review lhe forward programme options. The Forum reviewed capex case for 2010 was a Firm oplion set of $657m with contingent options totaling $344m.Theseismiccase for 2010 was a Firm optionsel of $155m with contingentoptionsof 9242m. Daly indicated that a drilling capex of $650m in 2010 is a minimum - there are quality opportunitieswe would like to investabovo lhis level.The optionset will be discussedagain in July to creale a plan for 2010.

Exploration Forum, April 2009, Houston

CONFIDENTIAL

BP-HZN-21 606980 7eMDL01

CONFIDENTIAL Thursdav 30thApril SafetyMoments There have been Exploration no HIPOs 1Q2009. in Western Geophysical hada fatataty a spec. has on sunrey in

the GoM and Peter Carragher will follow tip at the upcoming GBRs to find out the lesson learnt. Actlon: Caragher to report to Forum on the lessons leatnt from the WG seismlc survey fatality.

Stairwell Safety Campaign - BP Houston Wesflake Offices (Steve Chappelt) Chappell reviewed the statistics associaled with stair accidents generally. A baseline study on adherence to the stair cod in th Westlakeofficesidentified gaps in staff bohaviours. programmeof awarensssand trainingof A the slair code is in place to improve adherence to the stair code. Bob Palmer rig satety campaign (Blankenship) Will K well safety prformance includes 4 recordable and 11 first aid cases. The rig leadership developed an 11 point plan to improve safety - now 6 months since the last recordable accident. Ali people on a rig - including other contractors and BP slaff need to comply with the rig;s safety management syitem. We need lo ensure thal all rig contracb conform lo BP's safety standards.

the Independent Simultaneous Sweeps (lSS) technique. Early processed data suggests lhe presence oi prospeclive structural bends.

Libyaonshoreand oftshoreseismicacquisition earlyproducts(pace) Onshor survey crew 3D have_ acquired sqkmwithrecord 2230 productivities to 13,000Vp's/day of up uslng

Oftshore 3D survey - the second of four tranches has just been completed. Several large structural culminations are Present.The 2008 Hess discovery to the soulh of the block is rumoured to contain up to 7 tcf resources. Will K Logs (Blankenship) Blankenship and leam presentadthe newly acquiredlogs over the Will K targetsection.Blankenship suggested that lhe penetrated target section was not the inverted mini-basin expected and that there was a neod for a regionalre-think.Giventhe improvedsand shows towardsthe base of the well, the decisionwas now whetherlo TD the well now or deepen - with or without a liner. Paleogene Review (Segal) Lauren Segal presented Forum with an overview of the current thinking on the Kaskida paleogene discovery as recently reviewed with AGl. The outcome of the meeting with AGI was that the Paleogene should be consid-ered as a segmnt renewalopportunity (i.e. not just GoM). Fieldappraisalnow needs dynimic data. A field test trial is proposed for 2o1ol1 1 (c. $150m for a iiEtl and $150m for thg test) which could be followed by an early development oplion that could be NPV neutral at $50/bblwith end E, A & tj cost of g2Ct/bbl. There weie fewer technology challenges than had been previously thought - existing 15k kees and sub-sea systems could be used. This project would expect to recovery only 5.470recovery via piimary depletion.

Wrap-Up
ThEre was recommandation January the Forum shouldbe haldin Houston London avoidanvweather not to disruption. Netrneetings couldbe usedmorelo informForummembers proiecls freeup tim6for key fac-lo-face of and discussions Forum lllingworth at agreed suggested was up to pULsto makE call. but it the Carragher suggeEted Paceshouldconsider 2010optionto shootfurther3D (MM?) offshore a Libya, the if rsultsof tha firstsurvey conlinue impress, giventhe timaavsilaHo to withinthelicence term. Forumalsoencouraged Clyneto consider dealfor access DBDIO e to only(i.e.notbundld with UmidBabek).

Exploratlon Forum, April 2009, Houston

CONFIDENTIAL

BP-HZN-21 79MDL01 60698 1

CONFIDENTIAL

Appendixl:ForumReviewed ZOIO-2012 DriltingOptions:


2olGl0r2 Drllltn@c@.nr ueE [los rrryrca Er|h, ar*d

Exploratlon Forum, April ZOO,. Houston

CONFIDENTIAL

B P - H 7 N - 2 17 9 t \ I n t n 1A n A q R "

CONFIDENTIAL

Appendix 2: Forum Reviewed2010-2012 Seismic Options:

Exploratlon Forum, April 2009, Houston

CONFIDENTIAL

BP-HZN-21 7eMDL0606983 1

Exploration Forum October 12thto f Sth 2009,The Vinevard


Attendees Mike Daly Dave Rainey Peter Canagher Bob Allan Paul Clyne Chuck Guderjahn Geoff Hill Doug Hill SpencerHowe Martin lllingworth Liz Jolley Howard Leach Jens Pace Nll Piggott Scoft Sigurdson Jay Thorseth RebeccaWiles CindyYeilding Steve Chappell Head ol Exploration & Access GoMX VP Geoscience and Exploration Angola Azerbaijan Egypt Greg Riley CarolineWhorlow Azu Javadova Chere6 Stover BarnabyRoome German Molina Dave Cook Andrew Lewis John Oliver Bruno David Al Bent Al Fraser Chris Simmons Andrei Belopolsky Invitees Dave Dalton

VP Global Unconventional Resources Azerbaiian Azerbaijan Azerbaijan NorthAfrica NorthAfrica NorthAfrica Russia Russia XR XR XR Norh Africa NorthAfrica NorthAfrica

XX
Asia-Pacifc NAG Head of Finance Canada North Africa North Africa XR D&C Function GoMX Angola GoMX Strategy & Performance

Mondav12th October HSSE


PaulClyneled a discussion the DadaGorgud on fatality whichoccurred duringa routine lifling operation transfer coilof waste linefromthedeckto a skip.Fivecrewmembers to a drill were involved the lift whichwas the first'faskof the night-shift in deck crew.During the operation, roustabout banksman the and became entangleJ the tagline. in The banksman was dropped backlo the deckbutthe roustabout (Mirza) wes carried overboard beforebeing released. MOBprocedures. putin place The were immediately including deployment lif6 the of ringsand jackets.However, Miraawas unresponsive. Rescuecraftwlre oeployeo from the Bakisupplyvesselwithinfour minutes. Miza was recovered from the watei aftersixty-four minutes resuscitation but attempts wereunsuccessful. Keytindings: r Crane \ivas mechanically soundandcorecflymaintained r Crewweretrained and competency assessed lheirroles in . Loadwas properly prepared ' The lifl had not beenautfiorised the night-shift by foreman he was unarvare was it takingplace ' Pre-job safetydiscussion cursory was ' Thetag line(22')was too longfor thejob ' Procedures were not followed(roustabout banksman themselves harms and put in way) Paul notedthat that the AZSPUhad determined several lessons learned: routine our is enemy, needfor improved the determination communication lifrsafetyboundaries, and of the use and lengthof tag lines,lhe fiequency engagement supervisors-in of of pr+job safety meetingsand the need for improvedassurance BP-Contracior of bridgingdocuments to ensure compliance. Pacesuggested incident a result pooriompliance Jens the was of with Transocean safetypolicies ratherthanpoorpolicyor bridging. Rebecca-noted (notbeing thi ableto swim)congruence between incident theWG boattransfer this and fatality discussed at

CONFIDENTIAL

BP-HZN-2 7gMDL0 17327 1 2e

the July Forum and asked.. what, as a company, shourddo regarding we swimming competency marine for operations. Round Table GoM- Jay Thorseth statedthat the 22" casinghad beeninstalled Macondo on with rhewell in However, Tucker wasstalled to problems th! well due 9n t99[to complete December. with the Bo-P. With regardto farming-out interestin Macondo, havereceived offersfrom we two Mitsui(570 a 2 fot 1 basisbut maywanl a further15-2}o/ol fromAnadarko on and (2oo/o a on In we with l-!-ior t basis)" termsof the lafter, havecountered the requirement include to APC'sinterests Gila,Koelsch Gouda;APC on and ofiered backiheirTib;;lli&s. aottom tine is that we are heading a 65-7o0/o interest Macondo, lor cost in teverajing cunentinterest oui to swapintoquality acreage. Pg CindyYeilding notedthat we aie still waitingon confirmation the MMSon the awardof from theWestern Saleblocks. qg.ypt ChuckGuderjahn notedthat NorthBurtocal was withina week of targetwith good performance the Rudeis. drilling in NG366-1 failed, Nubia the was170'deep frognosijano to wet.W9 hlt a goodlocation with cross-fault the mostlikelyfaiture seal mdOe.'Surlr6ingty a smalloil leghas beenencountered the 03 sequence Satii.3whichwas over-pressured in in relative Satis-1 -700psi; technical to by the teami areworking understand to tne:inipli-rations skatesy.rie immediattfrin is ti deepen :J.f.l^:,y^":t^1i::g-'l:q)^Tggurce.and appraisat Ine wellto penetrate 06 (theoriginal planand FM included the well drilling the 06 butthe to wellwaslaterde-scoped reduce to costandcomplexity). Angola- Bob Allan notedthat cesio Deeilrad spudded, targetis the cretaceous the Mucanza Formation. Block15,gas condensate beendiscovered the Aquitanian ln has in in Kakocha Deep; initial view is that volumes are limited. XoM are currenHyworking commerciality. Tulipa unlikely spudthisyear. is to notedthe terrificsuccessassociated with the pokaksurvey,the team !a.1ada Liz _Jolley delivered excellent coverage (1488linekm 2D and 1576sq km 3D)beb; bGer anowithno HSSE incidents. The firsl post-stack datiaset ii oue in' December. no:t"osome key ti, learning the futurein terms.of needfor ice-pusher for the support vessel"ixOfti1 not have did these)and that the ice conditions changerapibty. we hive arso eniorei ro."rlupprv Gompanies GCGVas an arctiocapable and opeiatoi.JensPaceaskedif we had maximiiei the use of our operations window.tiz iepliedthatwe n"u" .rroitn" pio.p""ti"'"r"" andthat the vessel was not capable shooling lessthans0, ofwaterdu" io pi*iiv" pingosl of in The statusof the JV with xoM was discussed; recallecr early h 2oo9 xoM uz that had approached Mth a W nr9ryg.al BP with two key areas of concernfol Bp::i) XoM woulJ gpgtuluttferefop control) and ii) that the firstweil woutdbe in shafiow water.itecengy,the technicalteam has come to the opinionthat our acreageis better; there are signiR'cant concems_on seal capacity prospects the XoM adreage, havernoretarglets top for in we and credible DHls'Liz statedthat MikeDalyhad conveyed lateit technical out viewto Rn-Oy tnftis in the contextof the cross-convey.ance structure(operatorship portions;. nioy understands we mightbe handingovervalueuui rras_oete'rmined t!?t "no "qritv d;t,'a;-Bp is'alreaov heavily commilted elsewhere, shouldproceed we with the SOISO cross-conv"y"n."with XoM as operator. wouldneed managethe controlrisk throughthe JoA we ii.i !o (cvX an! othershave expressed "n'a "rp*rr" interesr-in xoM's acreage)Rebecca llTpsh {arryro9w.1 wiles askedwhether, nor.operating, were puilingourserveJitl oraivintage with !y w.e. otherarcticventures. repliddthatwe shouldbe abletc use the JoA Liz Pspectto operating to learnlng and notedthat o'peratng aeaufortino CnuXcni ne !9ry-uag9 maxlmise couldtie XoMand.shell.dorvn, affording opportunity us etsLwnerei alsonoteotrit tne'ticence Liz could be brought undera singletermso nd pressrire off XoMto commit a wefilocation 2009 is to in - we havetime to tradethe seismicto informthe way fonrvard. Jens pact ;; conveyance couldmeana joint team- Lizthought possible. this ""k;J'r

CONFIDENTIAL

BP-HZN-2 79MD 2e17 1 L0 s28

gas DaveRainey askedaboutphaseuncertainty, whether wouldbe a failure. stated and Liz thatthe leamhasbuilta new basin model whichsuggesls prospects oil dependent fetch on cells; however, don'thavea reliable we handle heatflow.GeoffHillstated DHlswere on the ambiguous respect phase prediction. with to AsiaPacific DougHillnoted thatMitsui paida 2 iot 1 promote a 17o/o had lor interest the in WestPapua blocks. BP'sinterest wouldbe 32%- thedealis closeto closure. trackto On informScorpio decision 2010;haveacquired in specand proprietary Onlythe central 2D. blocks those of nominaled BPin 2008werereleased 2009; by in therefore arenominating we a further blocks 201 licensing. six for 1 There no obligation thenominee bid.Rebecca is on to Wilesasked whothecompetition Doug is. responded we havebeenapproached both that by joint Woodside Shell and witha viewto potential bidding. Piggott Neil notedthatthe delivery products six weeksleftlittletimeto prepare an XX reviewin Deceinber; of finalseismic in for it was suggested the December couldtakethe form of a workshop that visit with a final strategic decision a wayforward bidin early on and 2010. Renewal Pakistan Neil Piggott statedthat the Indusreviewhas been delayed the to February 2010Forum. The PSTMdataarrived late.The DeepMiocene lookslikelhe only viableplay.Blocks expireSeptember 2010,goinginto phase2 carries well commitment. a Rebecca Wilesaskedwhat happened the hedgefund.Neil replied to that MikeDalyhad partner determined theywouldnot be a suitable that (henceForumwouldneedto coverthe 2009revex despite earlier the decision do seismic zerocost). to at Renewal put Greenland Baffin- Neil Piggott forward request $2.1mrevexto improve / a for datacoverage (reduce gridsizefrom60x60km 30x30km) 2D to ahead 201 licence of 0 round. Neilreported we haveengaged that Maersk following July Forum the decision thatthe and seismic wouldalsoenable partnership. alsoproposed the Neil spending on $0.35m theTGS dropcorestudy.GeoffHillsummarized recent review: structures oil seeps the XX big and (goodbottom story)but seismic up coverage inadequate bid. Leasesale is May 2010. to Approval ofthe revex requestwas deferred the2009spend until discussion Thursdayon Renewal India NeilPiggott stated that,in terms ofbhore of eastcoast, (Dhirubhai DO Field) is the key blockin the Krishna Godavari basin. is in BlockD17with Reliance. block BP The plap: a.Miocene-Plioiene contains threepotential gas biogenic onlapplay,a Cretaceous onlapplayand a Cretaceous play..Vr'e inversion havea commitment shoot2D and also to cover the block with 3D. The best way forwardis to shoot a sub-regional grid to 2D understand trapedges. regulator happy would the The is lhis tulfill 2D commitment we the but wouldneedto proceed a non-proprietary on basis.Neilproposed we under-write multithat a client survey 20'10; spend in BP would $2mwiththepotential reduce as thedataare be to lhis purchased others. chance following witha 3D survey by The of up ($8m) 2010is 50%. in DaveRainey askedwhatwouldbe the implications walking of awaynow.Neilstatedthal we wouldneecl meetthe financial to cornmilmenl that walkingawaycouldpotentially and harm ourrelationshlp Rellance a tlmewhenwe arelooking builda material with at position. to D17 was intended be the vehicleto get into D6,however, is now clearthat (any)access to it will 'Cardinal' provides 'singledeal' routeto a material be via purchase. positionin the KG the Basinin termsof reserves production exploration and but upsidewouldbe required create to value beyondthe premiumpaid (discovered potential undeveloped exploration and within BlockDo is -20 tcf).The saleof 50o/o Dhirubhai (-$6bn)is in limbopending decision of (on a the gas pricedispute) the supremeGourtwhichis due by the end of 2009(Neil'sviewis by that this timingis unlikely be met).Highequityin Reliance's to BlockD3 wouldalsodeliver materialily. In termsof ONGCengagement, Block98/2(located between Blocks and D3) provides DG the mostmaterial opportunity. blocklieswithinCCRSgreenfor biogenic butto dateonly The gas 3 sub-commercial discoveries potential estimated 6 tci. havebeen made.Exploration is at Petrobras looklngto exit the block whlch may provldean accessopportunity thelr are It interest put on the market. is Block98/3in the Mahanadi Deltais not considered sufficient of (although couldbe valuable an increment a material materiality standalone to it as to business in theKGBasin).

CONFIDENTIAL

BP-HZN-2 TeMD 2e17 1 32s L0

Peter carragher noted we would wantto paymobilization on the2D_ that not cost Action: checkwith seismiccontractors determine any will haveboats in the area to if in 201 I 2011 PeterCarragher. 0 FrOGtech and Neftex - Neitpiggott Nellgavea presentation regarding FroctechandNeftex terms whattheydo, Bp usage in of: strategy, projects spendto date,concerns issuesandtheway forwardand / Both suppliers work in the bottomof the exploration triangle;Froctech work structure/ tectonics Nefiexstratigraphy. and FrOGtech havecornpleted projects nine witha project the MiddleEastcurrent on and three (East qro_p_osed Africa(non-proprietary) , southeinSouthAmericaand the US West Coast). FrOGtech considerable has globalexperience; project duration - six months. is Coreinput dala comprise: potential lield data,digitalelevation uatnyrnetry I data,surfacegeologyand Landsat. Veryfew seismic dataused.Keyproducts basinthickness tectonic are and eleirents maps compiled within SEEBASE a model. BP'ssfategyhasbeento useFroctechas a great'Base Triangle' of building block areas for of renewalfocus where BP has limiteddatasetor knowledge experienie-FrOGtech 7 is usually quickway up the learning a curveand oftenoffersa su-perior integrated workflow and more global experience than non-seismic contractor competitors (6.9. Getech,ARK, Longacre, Pindell). and FrOGtech highutilityin is areas complex'balkiniied of politics,where permissions toughand potentiai-field are rbadilyavailable. seismic are data However, an exclusive relationship not goodfor prices/ healthof choices is tne 1e.g. Arctic,SouthAflantic and Mexico Caribbean regional / and long-record reflection 2D andrefraction arestillthe data goldstandard depthto basement crustal for ancl typing. To dateusage focused onshore has on projecls (onlyuseoffshore whereseismic cannot be shotfor political environmental.reasons the Eastcoast ocs and offshorechina).we or e.g. havetendednotto usein datarichenvironments to concerns due around knowledge leakage (toother subscribers). spend Total since 2003is $3.3m (-$0.5m pa). Proposed way forward with FroGtech- the following projects have beenproposed and are contingentEast Africa (on room visits),US west coast (on conax cbttyand south _dgla America (9n supportfrom PAE for funding'and data)-A cential Europe optionis being considered the Resource by Aocess Team. Nefiex.- {o]/ige (non-seismic) stratigraphic framework and mappingservices; staffed by several ex-BPfolk who produce highgualityBP familiar products suchas GDEsand chronostratigraphic charts. Neftex offer various modules by reglon, Bp has macteselective purchases whereas shell, BG, cop-and statoil-Hydro gtdualsubscribers aie ($6mpa each). lo d9te, BP has spent $1.7m (-$0.4m pa) on the NorthAfrioa,MiddleEast anctcentral America regions. BP's strategyhas been to use Neflex:as a rapidway to build mega+egionat stratigraphic framework regions in newto BP wherewe are without iata, Tnareasof poliiical iood existing complexity whereborders croesgeologic boundaries in areasiith disorganised and and well stratigraphic datasets.Good products the MiddleEast and NorthAfri&, the qualityof for CentralAmericais inferior.concernswith Neftexinclude:lack of seismicOita to constrain interpretations, be modeldrivenand the contractual can construct (restrictive, blndingand expensivefFurthermore, data has to be retumedupon unsubsciibing; NorthAfrica all the SPUis aboutto testthisprocedure. A key development Neftexgoingforwardis the development a geodynamic for of module that will enablethe building ArcGlS)of reconstructed (in GDE; on an acieptedindustry-standard (platereconstruction) (Stampfli Hall/ Scotese). base / Initial pritingwill be $0,35m. sponsor

CONFIDENTIAL

BP-HZN-21 7eMDL02e7330 1

P,roposed forward way with Neftex do not subscribe globally, unsubscribe NorthAfrica to (BP.mega-regional allas_issuperior), allow Central Americato lapse in 2010 (pindell relationship), consider central Europe and china as potentiil subscriptions for unconventional resources consider and subscribing geodynamic to module. DaveRainey statedthat the storyand strategy regarding FroGtech and Neftex clear; are support subscription the geodynamic for to module was granted. However, Daveexpressed concern overthe lack of seismic integration (bothsuppliers) the coniractual and construct (Neftex). Davestated thatwe should involve iegalin iire Oitigence tne NortnAfricaex1 on and PSCM in the Neftex contraclincludingprocurement the geodynamic of module subscription. agreement The shouldallowBP to combine boththe Neitexind Bp derived GDEs overthereconstructions. Action:complete due diligence BP'sNorthAfrica mega-regional on aflasto ensureit is sufficiently different from Neftexto be Bp's property Jens pice. _ Action: engage Bob Moore (pscM) in Neftex contract and geodynamicmodute subscription PeterCarragherand piggott. Neil Egypt: update on licence activity - Chuck Guderjahn GOS- Chuck identified access the opportunities which comprise: EGpC(north the GOS) and (southGOSonshore Ganope and offshore) licence rounds and several f;armiin opportunities. 'seabird' N^ot recommending exploration any access, the block(7 wellsdrilled with claimed 400mmbo discovered) thesouth in Gos representsdevelopment access a led opportunity. NileDelta Chuck outlined potential six opportunities. WestBaftim The block(IEOCj0O%) represents bestopportunity. block the The expires June2011andall commitments been have met.Theblock contains threeprospects largest whichis Bolti the of whichis a basement high oj (O17and younger) Oligocene stratigraphy- underlies Bolli the Yrigst Satiswithprospective West Baltim-1 prospect (whichencountered gas Pleistocene buffaibd in the senavallian maintarget to a breached at the Messinian due -1 tcf at moderate trap unconformity). ls Bolti risk,onethirdof the prospect on Bp'sacreage the north-ejst. lies to lEoc (ENl)is seeking a 2 for 1 prornote ($100m 50%o in the'block). for wt tEoc are acquiring bgc data in the southern of the block part whichmayindicale prospectivity. iJto waitandreview upside Pian theOBCdata whenavailable. Nemed 18 months on the concession. left Shellhas discovered smallpliocene four and gas Messinian pools andis offering lheirinterest (510/o) cashanda develofment for bonus or production override. Closing dateis 2nd October 2009.Shelldrilled deepwell (WadiSura) a on a.broad basement high; wellpenetratedbright the a amplitude package the Serravallian at level.The well encounleied 108' of net reservoir the Senavaitian was p&A dry with in out shows.lsotoPe dataindicate.biogenic with an ambiguous response the baseof the gas C2 at Serravallian possibly indicating a.thermogenic chargelThearea cbnhinspotentialfylarge struotures WadiSurahasde-risked and presence the deeper reservoir in section. Thesection is noi over-pressured. issueis sourceefiectiveness therm6genh Key (for chirge). we will needbetterseisrnic evaluate Shell'sdata is poorlymigrated. to as Pioposalislo'wait until blocks become available 2012in NorthHa'py- located northof Blocks2 and 3 recently accessed licensed the Gujurat and to StatePetroleum Company. The operator has shot3D over the easternportionof lhe block plan is to awaitthe outcome t'hisprogramme; and.isfocusing shallowprospectMty. on of the blockcontains intrigulng deepprospectivity. N El Amyria- oftets Raven,2ndterm expires2012, remaining commitment one well. is gulrenl selsmlc data qualityvery poorso potential uncertain. is Accessdeclsion pendlng ls better data. Block5 - greenon oligocene ccRS, was nol bid in 2009round(absence structure). of

CONFIDENTIAL

BP-HZN-2 TeMD 2e17 1 L0 331

El Bougaz off fairway no interest. so Burullus Block farm-out awarded 2005, financial in the commitrnent all threephases (to for end 2013) is met. However, retention the block beyond2ol 1 requiresa two well of commitment. Rahamat on the edgeof comrnerciality, have beenlryingto farm-out is we without success. prospect: Shamal the bestundrilled is Pliocene opportunity BG / ILX into EGASRosetta (capacity facilities available and,as ownedby the government, is cost tariff price).Resource rangeis 0.25 (upperslopemodel)to 1.0 (shelfedge model)tcf - new datgarriving November hopeto reducevolumeuncertainty. in so gejgmic Couldbe readyto drill in 2010 and provide opportunity solvethe PrideNorthAmerica the lo stackedcost exposure. will need new (OBC)dataover Rahamat informthe way forwardwhich is We to currentlynot the 2010budget. second in The commitmentwell couldbe an appraisal on well eitherRahamat Shamal. or DaveRainey stated thatwe needto demonskate valueand low risk;the Forumhas not approved drilling the NileDelta. ILX in The decision proceed to on Shamal maybe needed before February 0 Forum. 201 2009 capex history - Martiniltingworth Martin stated theendof yeardrilting that capital estimate -$350m. is History: November 2008(GFO (vs. zero)- $600m a roll-up $660m) of January 2009(GFOone)- 9500m (plan) KeyGFOzeroto GFOonechanges: Choices AngolaBSt dells reduced fiom S to 2, notto drillAmethyst GoM in . op delay Hodoa . Nonop delay Helm . Reforecasl UKandprepwork GFOoneto now: ' choices - defened Angola commitment well, Macondonot Rutile, not Acaclia, deepened K, Teslanot SouthFarragon Will -Angola,Australia GoM r Nonop delay and performance Tibergood,NG366-2 Drilling poor i Reforecast Canada jts' cross-conveyance, cred misc. Martinobserved >$100m due to non-op that is delays, largeportion the remainder in a of lies choicesand good performance. terms of imprwing noir-opplanning, In Martinsuggested applylng probabllity occurrence a of basedon historlcal data. Rebecca Wiles suggeiieoan alternativestategy of managingto a fixed non-op budgel. In terms of gooa od[ing perbrmance,Scott Sigurdsonstated that D&C were lookingat the issue of well timing predictlon manywellsare drilledmoreefficiently as thanPmean. Martin suggested wouldbe it prudent strategy havea hopperof options pull fromin the eventof opportunities to to arising performance fromdelaysand/ or drilling aheadof plan.

Tuesdav Oc,tober 13th


GoMX update - DaveRalney, Thorseth Jay and Clndyyelldlng Context- Davestatedthreemajor milestones 2009:we told the anallistswe are dolng in Kaskida; GoMsPU hit 500Kbopd on May 2zn andriber. AGI hasisked - whatwill it lhe net take to get to 700Kbopd? response, ln GoMX has built a modelto createoutcomes (e.g. production, capexand resource additions) from a rangeof exploration activitylevelsandI rangeof play mixestargeted that activity(e.g. Miocene by bias or palaeogene focus).The re99m191!e{strategy 'earlyPalaeogene Miocene is then bias'whichcoulct deliverZo0kbopd net by 2025.Thissoenario wouldreguire E&Arigsand-$Sbn capitalper yeardelivering 3 bn pa. average 5 majorprojects of

CONFIDENTIAL

BP-HZN-z 79MDL0 1 2s17332

on resource rangeis 540-250-2000 mmboe withthe Jiber Jay gavea briefupdate Tiber; PA60 holding most of the volume.Reservoir deliveraLility expected be superior is lo to Kaskida; slightlypoorerreservoir qualitybut significantty Uetter'viscosily ftcp tor lTber Palaeocene 10.7at Kaskida). vs. pressures borderline psi.fhe-anisotropic Mudline are 15K PSDM.has improved tie to welldataand imaging the south the of westflankreflectivity and geometry and internal reservoir archilecture. addition, well appears have been In the to locatdd closer thecrest to thanpreviously assumed. The focus is now turning the 'ge.ological' jo programme appraisal aimedat reducing the uncertainty. first appraisal The well will be located test the BRV by locating to the le.Tlrce_ owc- secon_dary objectives include:understanding reservoir rock, fluid ind preisure variations. Follow-up options beyond firstappraisal include: wellat RapibCreek, the well a the southwestflankandthe saddle. will alsobe acquiring WATS. We infill BoO Ritan asked about the plan to address. recovery the factor,Jay rbsponaeo that this could only be via gffectivglV.addressed a longtermtest. Spencer Hbweisked aboutthe Oretaceous, Jay that,giventhe poorrockquality; initialfocuswouldbe on the eataqogene. the lesponded Petercanagherstatedthat the chargemodelis not yet understood, pA60 mjy u" the chargedlaterally fiom Rapidcreek (pA s4 not chargeol.lens pace askedaboutthe land Jay statedthat we havethe majrrrily gtqtqs, cross-assigned petrobras with (20%)and cop (18%). io swapping eqi,ityiir rioei ior .on-!henorthltankwe are tatking Anadarko-about Macondo. She_ll a smallportion the flankon the westside.'ihu;k Guderjahn has of asked howmanywellsit willtaketo get to saRction, responded it wiltlikely Jay that take6_8wells giventhe size of the discovery (50,000 acres).GeotfHill askedif the teim has enough people, statedthatthe Planis for threeadclitional Jay people, fromappraisal, join the team. to In due coursethe exploration will lransition work to the apfrbisalfolk w1h a view to folk the them.taking Tiberthrough sanction the decision. Davecook askedabouttiming, state; Jay t!'q the appraisal the endof 2o12. by Chuck commented 1f''"! planwasto complete geological that &8 feelslikea lot of wells.Rebecca saidwe may be doneafier2 or 3. Dave,Rainey statedthat we do not want to repeatMad Dog; i.e. the facilityis not right.sized the for disco.very. Rebecca asked whyTiberis seeing better a fluid thanKaskida; stated this Jjy that is still being worked;the temperature 30F higherthan expected othei considerations is include timing lhatthe Cretaceous and yielda shorter timeso we haveseensome facies tag Iatestage fluids. cretaceous cindy outlinedthe potential .prizeof s-10 bnboeriskedin large simple structures. is the largeslplayerand the strategy to makean earlymovd (tesQ'to BP is leverage position. our Tacticsare.to drill 3-4 play testsover a five yeai period'toiully understand.and_describe the potenlial. Tiberis thefirsttest,planis to us'e Tibir (andWill K) to update Mesozoic the fiameworkand cometo Forumin July 2010with a proposal th6 for nexttest. Tiberrock qualitypoor in the Cretaceous; reservoir cemented is with an average porosity 87oand a permeability'range0.1-1mD. we needto undertake digenejs of of a study, timing hap maybe critical olderstructures with seeing fluidearly preserve po[sity at to the expense capluring of less mafure Neil Piggott oil. askedaboutthe ablasalptainanOitre programme explore, to Cindyreplied thewayforward thisplaywouldbe'articulated that on in theJulyupdate nextyear. Review of Russia activity: Arctic and sakhalin - Davecook andAndy Lewis

CONFIDENTIAL

BP-HZN-2 7eMDL0 17333 1 29

CONFIDENTIAL

BP-HZN-2 79MD 2917 1 L0 334

Azerbaijan - PaulClyne,GregRiley,CarolineWhorlow Arzu Javadova on new opportunities the Caspian the in in lqqt t$ a presenlatlon the statusof accessing light of the 'Exploring Future'offer made to socAR. A numberof optionsare being the progressed: shafag Asiman- shafag Asimanis a challenging prospectin 700m of water 60 km gas outboard Shah Deniz;mudlinepressures expecled exceed15K psi. Gllp is 35 tcf of are to and cllP 2.8 bnbbls. is 2570 Ps with the key riskchargeaccess(youngstructure). MoU An has beensignedwith socAR to negoilate psA; the ATNwill go to the RcM on December a 15'',we willneedbetter terms_ the existing than PSAs. Planis to shootseismic 2011(will in needlo startmobilisation-in aftersignature psA) followed a well in 2ols. Rig 2010 of by availability an issue,sD2 will requiretwo rigs - releasing rlg to drill shafag will bis a on Alternatively, rig couldbe procured a throughotheiprojects {9Re1Oent SD2performance. (the PSAsallowonlythreeyearsfor appraisal drilling TorAL and socA-R wouldhe6dto so brlngin additional givensuccess Absheron Umid-Babek). rigs at and SWAP- area has beenagreedwith SOCAR; excludes northern the prospects Goshactash but we believethe south to be betterfrom a play risk perspective no seismicso trap -

CONFIDENTIAL

BP-HZN-2 TeMD 2917 1 335 L0

development unknown. MOUsignature pendingdiscussions JV structure is (will not be a on PSA).A JV would meet BP's commitment developSOCARcapabilities to and potentially provide vehicle access otheropportunities northswAp and / or Umid-Babekj. a for to (e.g. Pfanis to shoot (2D seismic TS and2D TZ)starting 2012(start in mobilisation 201 in 1). Absheron previously drilled Chevron TOTAL. by and ABX-1 onlydrilled Fasila to wtrich was wet;failure due either charge (young to access structure posi-dates so dbvelopmenl seal of capagltyin deeper reservoirs) that the take point was below a tilted contact(basin or modelling suggests the soulhern that flankcouldhaveseensignificantly overpressure). more BP view is thatthe resoutce potential > 20 tcf at moderate is risk.TOTAL has beenawardecl a PSA, socAR want BP in but rorAL have resistedand farmedout to Gaz de Frahce (prwide downsheam capability). TOTALplans to drill (with MaerskExplorerin 2010)the northern flank bul the PSA has a depthlimltol 6700'so theywill not test the deeper(Kalln) sectionUmid-Babek is a northwest-southeast trending ridgelocated southof ShahDeniz Bp view -15 lcf at I in 3. SOCAR is thatthe ridgecouldcontain has atready drilled sevenwellson Umid,two of whichtestedthe Fasilawith ambiguous results. SOCARare qtrently re-drilling umftJ bnt havingdifficulties (made 1600min 90 days), plans to drill Babek oir rroH lrig conshaint). socAR is likelyto need help to exploreand-develop potentiai futureJV for relationshipla SWAP. a Turkmenistan update significant prizebut activityhassloweddue to the borderdispute with Azerbaijan; capable no oPerator beingawarded contractBlock21 has beenawarded is a to Itera. Peopte - petercarragher ss&w Forum the nextforumwill be heldin san Antonio, Texas, May 2010.plan:350 in attendees, neat zeto'returnees' with the fodJson Challengers LevelG. Therewilt be six to themes: Access& Exploration, WellDelivery, progression, New FieidManagement, Resource and BaseManagement. Access& Exploration havea maximum 4 talks and 8 posters will of in eachof the 4 sessions: Deepwater, Land,Resource accessand2OZO+ Frontiers. Explorers the tuture- Peteroutlined contextbehindthe needfor a structured of the olan to enable exploration the organization the future: of . Learning offergap . Demographic behind gap retirement wave . Ensure transfer skills,know-how effective of and deliverv . Formal learning a supplement career is to development' ' lntegratedo<plorers are shaped by roles, plus fonnal leamlng offers, plus fleld experiences, disqipline-specifi plus c training Peter requesled supporttrom the Forumto: createa curiculum & contentfor the lirst 10 yearsexploration career, complete pilotall elements mid-2010, and by continue development of curigulumfor 10 yr + explorets enable rotations job and integral the ptan. to Peteroutlined 'offe/ whichwouldbe a len year programme, the startingat the begjnning of challenge, comprising work assignments, leamingoffers,fieldclasses and disclpfinlspeiiRc training. Work assignmenb: would comprise three roles post-challenge enableexplorers gain to to experience the majorelements the exploration in of triangle: play anal-ysis basin evaluation, prospect/ well delivery.The ldea would be to get exposureto a range oi geol6glc ancl. environments petroleum and types. Leamingoffers:secret of Explorers (takenearlyto get engagement explorailon in language and process), and IPD(integrated prospect IPE delivery).

CONFIDENTIAL

BP'HZN-2 79MDL0 1 2s17336

Field classes: marginal marine systems, deepwater systems passive and margin class(note no carbonate training currenfly offer). on Discipline specific training 21c level courses post_ wouldbe taken duringchallenge. challenge training wouldbe individually selected courses fromtheinternallnd external offers guided coaches menlors, by and authorized TLs. bv Feedback Forum: from . Targetcohort shouldbe 5-1Syearsexperience . Needs be linked a succession to to plan ' 3+1for challenge period doesnotappear consistent 2+2Bp hasmovect with to . Remove year)timeline (ten constraint ' Wouldrepresent fastest(but not necessarily best)route,the the the best explorers havea diversity experience of across multiple basins and breadth the E&p value of chain . We needto make surewe arecongruent other with (e.g. functions appraisal) . Thelearning offer, lieldclassandtraining elements great look . Whatis lhe operations offer? . Doesthe offercaterfor specialists? Action: on the basis of the feedbackoffered,clevelop revised learning offer - peter a Carragher. Following discussion the AdvisorProgramme, was reiterated MikeDalv/ Forumis a on it that the SPUand Function the matter Exploration in of Advisors. Wednesdav 14thOctober North Africa - Jens pace,HowardLeach,chereestover,BarnabyRoome, German Molina, Fraser, Al AndrelBelopolsky ChrisSimmons and Algeria 2009licence round- thereare two highgraded opportunities: llliziBasincara the Tesselit block(conventional gas Ordovician play)andthegLikineBasin Timissit Ouest block (Devonian shalegas play).Thg critical commercial issuesare the: Sonatrach carry(first7 years),tax regime,lack of clarityon domestib-supply pricing, and requirement ritinquistr to 30% after phasesl& ll, sonatrach decision rightsin the JointMarketing company'and charges pre-existing for discoveries. cunenttermswouldnotjustifya UiO, The no*ever,tne final terms sheetwill be available November thingsmiy change.Bids are due 9th and December 20h. GaraTesselit:in 2008 the block was within the mega-trap, however, new pressure data indicatesignificant compartmentalisation the current interprelation ihat only the and is m.ga-traplieswithinthe block.Hovyever, southwestportion the the of lgFT-tjinSq of_the MoleD'Ahara highlieswithinthe block;in addition, number palaeo-stuctures a of ranging up to 100sq km havebeenidentifiecl. totalresource The estimale the blockis Z-tg tcf UnOer for the current terms,a 9 tcf project wpuldmakea grossNpv of $900mand an IRR ol 12olo al $75/bbl;signifcant changesto the tbrms would be requiredto make the loc returns acceptaile (e.9. removal of sonatrach cany afler exploraflon and selling the gas at prices). international -'17,000 km of the liliziBasindueb the presence a Timjssit ouest GURGhigh-gladed sq of thickwodd-class source rockthatis gas mature. The Frasnian shaleis a neritic'fansitional marine carbonate source rockwltha Toc rangeof 4-13o/o Ro rangeof 1.1-1.gol0. and The Frasnian thickens the eastand north;quality thickness to and degrade the south.Logdata to suggest overpressure porosity preservalion. Frasnian the TOCof theWoodford and The has butthe burialhjstory overpressure and characteristics ofthe Haynesville. northeast The comerof lhe Timissit Ouestis prcspective. is estimated tlie blockha$a resource lt that potential the range15-20tcf a furtherso tcf In unlicensed In with acreage. breakeven The pricefor a project $100/bbl the current is bul termsprohibit IOCprofitability underanyprice scenario.

CONFIDENTIAL

BP-HZN-2 79MDL0 1 2e17 337

,unconventional It was suggested that lve make a slrategic gas offer, to the Algerian government contextis thatAlgerianeedslo meeta 'galloping-' lhe domestic Gtemand its and exportaspirations; Hassi R'Mel is on declineand the-fielcis o"uJffi"nt and under in appraisal are_uJllikely provide volumes gas needed. to the of Unconventional is the gas 'cavalry' and BP is distinctively placed termsof our position / relationship Algeria in in with and our NAGexperience. However, wouldneedthe appropriate-acre'age termsto we ano deliver commercially acceptable terms. Action - proposewhat an offer could look like and when it should be made _ Jens Pace. the earty1e 2011andspud firstwell -O!s!9r9Libya on lrackto complete 3D acquisition the 3Q 2010 Thefirstwellislikelyto be on theCaracal LeadArLawithstacked iriassic,Silurian and.ordovician targets.Finalapproval drill caracal will be ;rghf;;t to $ecember2009 maturing the tinarprocessed and xi enoor6eme;i. iil;il 3D lu9jgct to -theprospect ty _on october2009BP had acquired s0s0 sq km at an average rateof 72s0Vps per day (max 18000). HSSEperformance beengoodwithfourrecordables 1.bmmanhoursworked has in and 2-9mkilometres driven.secondcrew wiil start in the southembrock;plan is to shoot 17,150 km (vs.a commitment 14,000 km);rey processinjirrr", sq of sq of rss noiseandstatics givensubtlety traps-erocesiing of ias beensl-ower "i.Jr"rovar peter thanexpected; carragher intervened senior has at levels improve to delivery fromtheTripoli centre. The Ghadames Basin contains worldclasssource two rocks(of Silurian Devonian and age) and stacked (ordovician Triassic) to reservoir seals.lnitially tairwivsiie beingtargeted: / two the silurianAkakus fairway chargeo_!y underlying ranzrh wrricn lroven successtut nal in lne the.Verenex acreage the north(92%succss-raie) lhe Triassic'Ras-Hamila to and f"i*"t which requireslong distancelateralmigration from ihe Frasnian ib-;r"p in the Berkine Basin. Thereare 77 leadsin the pl, 25 in the 3D areain the northem block(-600 mmboe risked). The caracalleadareacontains pl of 3s5 mmboe a with 12 leads> io mmuoe. ls the oil phasein the Triassicand gas in the Silurian. expected Therewill Oesigniricant challenges given exploration success terms of bookingresources in (troma smail-number weils _ of Howard showed modelof howthis mightbelchieved.byunderstanoing irr / spillchain) a ttt; and timing(we will needto explore,appraise submitI oevetofmeni"stuov and uv tire ena 2014')' mid 2011 we will be in a poiitlonto decidethe way ronviro in'iermi'of seismic oi By and drilling activity. Offshore - Al Fraserstated sirt of was to secureForumsupport lne purpose the session for drilling*the Sfenprospect llratfirst playtest offshore as the Ub1la. s;ismi; acquisition finished on lhe 12' october, 17,000sq km datairaveoeenacquired. teamis redeiving The 4,000sq pranwourdbe.to spud sien in .tutyzblo;-rig Lr-l"y q.ata 9v9ry90 days. negotiations with XoM for the NobelHomei Ferrington havebeenconcluded. tea; nis wirr<eo Th'e with )fi and. otherseniorexplorers to.refine the-understanding the petroleum of geologi develop (two to ioentineof "nucurrenuy i<jti 1 .?Fy F:t_:tr"tegv weils testthepetroreum'systemi probable Jurassic stratigraphy.

ddlling A1-206 thenorth ouracreageusing t; dfi[rrewerr 6u"Lnuv 1s,000' to of : "r" 2D at in

Thetechnlcal gtoryhasbeenevolving newdatahavebeenarrivlng, hlghllghts as key are: . Theoffshore Basinis diffbrent Sirt ftomthe onshore Basi"n' Sirt ' The ofrshore Basin.has sirt two.overrapping sptems ano two petroreum rn systems (Cretaceous Triassic-Jurassic) and ' Thg onshore petroleum Sirt system(Upper Cretaceous source rocksand Cretaceous carbonales and shallowmarinesandstones) has timiteorunnint room in the Bp offshore block Sirt ' The mainprospectivity the offshoreSirtis in of the Triassic-Jurassic "pre-riffsection is horstblockon the western flankof the offshore basin. Sirt J!: 9f:n.Pto:Pect a largetiltecl I ne pre-nnstratigraphy withinthe core of the blockis interpreted be of Jurassic to through

CONFIDENTIAL

BP-HZN-2 T9MD 2e17 1 L0 338

Permian age.Thereis ambiguity associated the interpretationthe creslof the block; with of moclel assumes 1 LowerCretaceous carbonates build-ups model2 assumes and karstified Jurassicplatformcarbonates. The key risk is chargeaccess;the most likely Cretaceous source (Cret50) interpreted onlap rockinterval is to potentially around Sfenhighrequiring the complex lateralmigration the crest.Alternatively, pre-riftsourcerock may be present into a withinthe sfen faull block,however, is likelylhis wouldbe gas malureand thereis no it evidence the seismic on gas datafor shallow in the Tertiary aboveSfen.NeilPiggott asked aboutseal capacity risk,chris simmonsresponded the rangeis 11G1100m the that and teamconsiders thereis no riskon the minimum. teamputforward resource that The a range ot 80-290-1000 mmbo(Pg0-mean-P50) a Ps ot 27o/o. with sfen couldpotentially impact (reduce riskon)> 507o the ofthe cunent risked Pl. Sfensummary: ' Large, potential Cretaceous robust container offers bnbbo 1 in / Jurassic carbonates. major regional focus . Goodseal- Cretsoto SeaBedexpected be domlnantly to shale . ThickJurassic-Palaeozoic section beneath reservoir objective . Opportunity de-riskpre-rift playconcepts majorblock-wide potential to with . Pre-Cretaceous data qualityallows exkapolation deeper calibration 3D of across block . Objectives accessible moderate are at depths . Relatively benign overburden DaveRainey askedaboutthe second well.Al replied that it wouldbe located the basin in targeted the syn-rifr at Cretaceous clastics Jurassic and carbonates. Daveresponded he that wouldliketo haveseenthe second well options context the lirstwell decisionas for Dave alsoasked howmuch skatigraphy would testing Sfen. replied thereis a trade we be al Al that off: maximising section knowledge cost,doability operating a new basinwith a / vs. and in newteamand rig.Al acknowledged we wouldneedto be careful the well objectives that on (tightand clear).NeilPiggott andTD criteria askedif theleamhadputtogether comparative a optionsmatrixfor the play test candidates a relative (i.e. comparison key criteria of such as drillability, learnlng, ability enrapolate, etcfor eachoption) wouldhavebeengoodto to risk haveseenthisduring presentation. responded he believed workwasdonebut the Al that the had not beencompiled a matrix. in Neil also statedthat he was uncomfortable seal with capacity at unitygivenoffset risk wellfailures..DaveRainey askedfor viewsfromthe room: Geoff- comfortable teamhasdonethe work,support the Peter concerned guarded aboutcharge access, optimistic, not support ScotlSigurdson lookslikea goodtestlocation perspeclive froma drilling Doug likeNeil's malrix idea, much not timeto do thewellplanning Jay- supPort do thematrix, but concerned about timing arewe rushing this?Riskier than1 in4 Chuck- dont supportbasedon presentation, disappointed are not testingthe proven we play- wlll irustthe process clastic Bob- support, wouldliketo haveseenthe option set. Looks froma drilling ok standpoint Neil- needto demonstate that this is the bestoption:leastprospect risk, leastdrillrisk and -would supporton basis maximum learning that Paul- support, needto be crystalon the objectives TD criteria. we and Orderlots of mudyouwill needit! Spenier- supPorton the basisthisis the bestprospect the biggest, not needto addsealrisk - whatwon'tthistellus? Liz - support can leam a lot - would like to see the optionsmatrix.We may need to incorporate XoMwell resultintohe risk the Cindy- support, needto testas muchstratigraphy we can but understands as lradeoffs. Use XX to helpwithwell localion Martin probably bestplace,wouldliketo haveseensecond the well,support Steve- difficult makea decision to withoutcomparative options and second well clntexl, our bestexplorers haveworkedon thisso will trustthe process, support

CONFIDENTIAL

BP-HZN-2 TeMD 2e17 1 L0 33e

in Qave disappointed the optionbut will supportthe well with the caveatthat a sub-set of Forumconvene reviewi) the options to matrix'tirat supports Sfenas the bestplacefor thefirst test and ii) options the second for test Action: arrangea meeting -for a sub-setof Forum to review pray test strategyand optionsto confirmSfendecision Jenspace. Exploration efficiency - Martiniltingworth presented Martin somepotential measures, derived from'readily available'input spend) (e.g. and output(e.9.discovered resources) data,that couldbe tracliedto monitoieff;ie;ci. Kei measures.are: drillingefiiciency (.captured D&c), successrate, bang ror uuc( by 1e.g. discovered volume well), finding by and cost. Otherpotential measures discussed: hopper progression (e.g.ratioof prospects clriledto total numberof prospects developed), hopp6r ivailability (ieferenceearlier conversation regatding having ready go options the wellprogrammei to for costto maintain growtneFi I (Martinnotedthat the revex/net well has increased significantty last 5 years- what is the in storybehind this?)andvolume seismic of digitsadded-vs. spend(afierstriipingout inllation). In addition' couldlookat inefficiency a resutt notdoingsbmetninj we as of story iJ.j. engora - choosing to buydata). not Martinconcluded discussion stating the by that,whilstsorneof the measures discussed were appropriate track at a segmentlevel,lhe SPUs shouldthink about local measures to important theirbusiness. to Aetion: developthinking around hopper!'rogressionand availabilityefficiencyand cost to malntain grow pl - SteveGhappell Marflnllllngworth. / and Action: reviewseisrnic digitsaddedvs, spendsince2000- petercarragher. Action:developanecdote Angolaseismicstory - peterCarragher. of Action: each PU to think about efficiency measures specific to their businesses _ PULs. Drilling efficiency - scott stgurdson Scott stated and appraisalportfoliowas facing increased complexity .that the exploration diversity, depths, more eitreme pressuresand temperatures and !9."^:g].1qt':3l .water Inlermtnent programming) whichimpacts and efficiency. risk Internalgap lo best well benchmarking showsthat appraisallags exploration. Thereis an inconsistent transition betw_een exploraiion appraGl (hand6ff indreas"sorganisational and rlsk)afld dr.Tqp?t modets integration for beiween driilingandsubsurface. The l?1pl-:j,ty.ry rmermnent approach activity not conducive Clp. to is to In termsof Industry benchmarklngrBp improved has from 2007 to 200s, however, lndusby has movedtoo' In 2008 BP was 2d quartilefor offshore drillingand 3d iuartri foi onshor6 drilling. oftshore, a 100 day welt for Bp takes sheil 70 oiys. nem6vint-'pertormance inconsistency moveus to top quartile. will 2009 performance - Martiniltingworth Martinreported mixed year. Successes: a Tiberand Culzean discoveries, Libyaand Beaufort seismic and Rumaila, and GoMaccess. so good:the number6tw6tt" Nile Not drilteo i2 is (grossbasis)andthe success rateis 38%(grossbasisJ. Drilling capex:LE is -$3b0m(vs.a ptanof $500m).

CONFIDENTIAL

BP-HZN-2 1TeMD 2e1n4a L0

Seismic: latest datashowing are$19munder plan: we +4m Gila GoM -11m Noconveyance, Canada completed early -2m Over-accrual Egypt Indonesia -1m -9m Central G&Gother: 2009LE is $10-20m under olan. Action:checkNovember GFOdatato confirmposition- pULs. We needto deliver totalrevexof < $480m, havepotentially so $3040mheadroom. Needto generate listof seismic a options (what canaccelerate 2O1O we plan). from GoM.:_Jay stated that Pg giants a strategic are imperative; thiscontextwe strengthen in can our X-wATS position southern in Keathley canyon,to coverand re-image number a of prospects, a bundled attractive for priceof $33m.CunentGoMallocation 2010is $67m f6r including renewal; no additional if funding available 2009,thenDWwillbe requesting is in an increase $75m for 2010. Martinaskedwhich projectscould be includedif $25m were to available 2009,Jay listed in Andalusite, Koufax, O'raptrite Ryan,Kerinchi Cirroslratus; and if only$20m wereavailable Cirroslratus then cruldbe helduntil January 2010. Brazil: outlined number renewal Neil a of options: Brazilequatorial margin:analogue the Ghanaonlap play. ANp-1 licencerounclin to 1 February 2010; needrGS datato infill grid existing to inform eviluation $2.6m. southGabon: equivalent the santospre-salt to playand highest graded option the south in Atlantic. Licence roundopensin May 2010- $8.9mFornew CCCVpSfnt dataand 2D tie lines. BeninEmbayment: chasing playto the east.Accesscouldbe through Jubilee eitherdirect negotialion a licence or round. needto understand Apc walked we why away-$1.3m 2D for infillandrentalof 3D. gD AngolaKwanza: replace existing psrM'*1,n ,ro" datafor sub-salt imaging. Access routeandtimingnot yetclear.Notan acceleration priority $3m. BaffinBay:Licence roundin May 2010.$2.5mneeded pre-access informbid decision; to could accelerate into $1.2m 2009. Other:

Trinidad: seeking in $1.7m 2010for cretaceous playin Guyana suriname. onlap / The decision whichoptions exercise on to was heldoveruntilafterthe SouthAflantic reviews on Thursday aftemoon. Thursdav l5th OctobSI 2010 plan - Martn ilfingworth Frame_ $700mcapex($650mdrillingand $50mlease),$480mrevex,5oo mmboedrlllout is. and2 bnboeresource access.

CONFIDENTIAL

BP-HZN-2 79MD 2e17 1 L0 341

Mike Daly notedthat the drill-out looked weak and that Libyahas to work to sustain 500 mmboepa. PeterCarragher askedif Libyaonshore coulddeliver threewellsin 2010.Jens Pacestated-that proposed lhe pace/ delivery rightin the context new country felt of start-up operations. noted Mike thatincreasing equity MoCcasin in (43.7SVo) Gilawouldbe a better or lever. stated Jay thatwe wouldbe unlikely increase equity Moccasin working to our in but to do so at Gila, 2010Drllling Capital GoMX- Jay Thorseth capex: Planis for 1 operatgo - working with Devonto secureoperalorship) 3 and 1v9tt non-operated (Moccasin, -(c{a andHyperion). wells Koala East Gila is a lgrge.Pg 4-way west of riber. RecentX-wATS has improveddefinition the of prospect' Provingsynclineseparation from Gibson on the north-eastflank is criticalto retaining column Gila. a at Theprospect a compllcated situation multiple h.as land players with involved. Devonand BP licensethe drill block (Devonoperator the block).CotvtX of is engaged multiple in dealsto increase workinginterest and secureoperatorship the blocks of heldwith Devon. Options increase to equityinclude APC/Nexen the blockon the eastflank(in a deallinkedwith Macondo), CVXblocks the northern the on flankandthe petrobras equityin jointtyticense blocks.they with Devon;. Devonhas i.oi."i"o tn"i il;i;;h i" participare in bothGilaand KoalaEast al {whichtheyoperate) theirexisting equities however equity the position Gila is subjectto financialreview.Devonhas bJen courtedby others at but has indicated theywouldgiveus firstoptionin the eventof any farm-down theirinterest of (should knowDevon's position so9!-). oe.v91 doesnot appear be weddedro operatorship. is in to cila the 201 planat 40% BPWl and507o 0 chance success if we wereunable improve ol to our equity position wouldimpacl 1/3of the Bldnned this drill-out. Planis to drillGitawitha new Otl.itO.Oe_r!Q, giventl"rat however, drilling piospectis highpriority the thenGilacouldbe drilled withtheDW Horizon newbuird (the wourd usedto dri[ iio6r appraisar. be M,occasin spudin January will 2010- thisis a Chevron operated well.Chevron carries 400500 mmboe. gross Bp canies350 mmboe unrisked (chevron map a 3 wiy ln loimy neto acreage we don'tsee). that KoalaEast.is_a quality Miocene prospect Mississippi in canyonin whichBp has50%wl. The prospect be drilled Devon will (firm on their by slot schedulein August). Hyperionlies within the MioceneTitan Trend in Green canyon. x-wATS r+processing indicates a portion tlg qrgTggt tieson Gc 463 (Bp 5670'and that ot aai 44"/"lwith drill the location the leaselinewithGc 5ol whichis heldby Aess(operator 50go; Nobleon and and most of the volumeslie on this blockand GoMXis working' a unitisation ;n ilan. GC s01 expiresin 2011. success. Hyperionoould de-riskUlpsds and Hypnos(although at these prospects carry significant independent risk)-Petei Canagh.r exbressdd hap concernthat the dala qualitywas moderate. Thorseih Jay staiedthat the daiL ir" t".nnirrl limitgiven timeremainlng. "i Mike Dalyasltedaboutcontingencies giventhe heavyweighting non{perateddrillingto Jay Thorsethlaid out a substantial option-set allernatives of inctuiing |<o";$h, M"ui ano-Oaity Moon,sutton,Gouda, Koa,Derbio, Ulysses, Hypnos and Hula.KoEbch ,ouii o" the northem tesl in the.Pg slrategylooking the sweetspotlOaveRatney for notedtn"i nufJ"wiltbe better goingnorth)-However trap complexity gieatdrthan in the Tiber/ Gila treno. is tvtaui an is UpperMiocene prospect WalkerRidg-e chargeaccess the risk.Recent in with as newoataon the^'planets' suggests reservoir area that maybe rnoreof a challenge previously thought - Daily Moon may go away. sutton is a imaller pg prospect then 6ut BF i"" oo"uo and wl operatorship Jay Thorseth. noted that Sutton,given'its greater relief thjn Tiber, could PeterCarragher statedthat the cuirentviewon recovery facrorfor Tpt" l"y: H:lli1!l:"yg I roerwas zoyowithwaterinjection lhiscouldpositively impactprospects the pl. in Action: review resourceestimatesfor Sufton and other soulhern trend giants in light of latest ihinking on Tiber- Jay Thorseth.

CONFIDENTIAL

BP-HZN-2 TeMD 2917 1 L0 s42

Derbiois an ILX prospect wouldhqok up into the pompano lhat infrastructure. was Mike impressed with the option set which affordsthe opportunity broadenaway from our to heartland areas noted dealcomplexity timing but that and planning makes uncertain. Action:-creale qlan {Ganttchart.withaclivityand timing}aroundthe contingency a set and reviewwith MikeearlyDecember Jay Thorseth. Mike Daly notedthat, in 2011,we wouldhavemorecontrol delivery executing on the strategy drillPg giantsin service a coM production to of targetof 750kbopi. Capex allocated: $253m. Eglpt- Chuck Guderjahn The Pride Norlh Americais in the shipyardfor repairsbut Hodoa is on track to spud November 2009. terms AbuMatraka there partner th In of are alignment technical and (new MAZPSDM notbe available endJanuary will until 2010) challengei delivery 20t0. Mit<e to in Dalystated that,in viewof these, ($17m) Abu Matraka shoutA removed be fromthe 2010 programme. Chucknotedthat an alternalive couldbe the Pliocene prospect Shamal which sits in the footwall the Rosetta of faultin a position advantageous reservoir for development. Potential resource volumes uncertain dependent the reservoir are and on model(2Sb-1000 bcf). lt is hopedthat new seismic, arriving beforeyear end, will be able to reduce this uncertainty. prospect The ofisets Pliocene discoveries madeby BGandTotal. couldgain Bp accessto BG infrastructure whichhas ullageand tariffwouldbe at cost(no rentto BG as the Egyptiangovemment owns the infrastructure)- prospectsits in the same block as The Rahamat whichthe sPU has beentryingto farm-down, with no success date giventhe to depressed market, a carryon the outstanding for commitment 2 wells.MikeDalvstated of that the bestway forward wouldbe a deal with BG exchanging equityfor a carryon an exploration appraisal programme. and well Capex allocated: 14m. $1 Libya JensPace No changes LTPsubmission. ofGhore willbe Sfen, rig hasbeensecured. to First well a Mike Dalyaskedif we.are at going the rightpace. Jensreplied we ale:can'lslowdowngiven that licence term and activity in the eventof success set and reluclant speedup giventhe to scope andscale thewellplanning, of Mikealsoasked we aredoing if Sfenfirslbecause is it an easier wellto drillor because is thebestprospect. it Jensreplied the operalional that side was a factorbut the team had givenxx options(not a recommendalion) sfen had and emerged thefavourite the bestplaytestoption. as as Capex allocated: $238m. Canada LizJolley Liz requested yearofthe basellne $20mto coverlhesecond environmental survey(totalcost $50m BPpaid$5min 2009). proposed we didnotspend Liz that s20min 2010on'bnglead items(thruster bearings). Planis to tradeseismicand to informway foMard on the JV with XoM.Earliest wouldbe in a posilion makea decbionon the w-ay we to fonrvard wouldbe end 2Q 2010. No needto rush - the Canadian authorities have informei us in writingthat the g ),arterm. Fora 2014spud,wouldneedto decideon ficences couldbe bundled wlthina well location mid 2011.criticalpathitemwouldbe waterdepthfor the playlest. XoM rig by wouldnot be able to operatein lessthan 300mwhichwouldnot allowaccessto shallowe-r waterprospects wheredrillingseason -1 monthlonger. is Capex allocated: $20m. Angola BobAllan weils.ptanned. weil programme comprises comptetion rutipa of Ig 9toql 31 exploration (Block17) and NorthBatuque (Block15)- however latteris'highcost flr low banelsso the

CONFIDENTIAL

BP-HZN-2 TeMD 2917 1 L0 343

the.option may change. Bob notedthat if cesio deepworksthenthis mightopenup more drilling theMucanza within to play caplured acrea$e. Capex allocated: $37m. UK North Uistis the lastof theWhite Zonecommitment wells. SimonHendry's teamis looking at farm downoptions reducecapital lo exposure. The Mabel/ Eastern Fringeprospect was removed fromthe2010drilling programme. Capex allocated: $48m. Australia DougHill NWSwelts(stipped from2009). wilt be attending woodside XX the lFL,." !g drill2 non-op TCMin December provide to assurance. Capex allocated: $7m. Colombia $3mreq,uested longleaditems for andwellplanning MikeDalyreduced allocalion but the to $1muntila firmdecision drilla wellhasbeenmade. to Capex allocated: $1m. 2010drilling capital outlook: $718m.MikeDalynotedthat this feelssolidin termsof 2010 deliveryMartin lllingworth stated lhatwe should in a goodposition be atthe February2010 Forum feelconfident lhe amount 201Otapital to in of speni - GbMXcarries uncertainty given the non-op biasin theprogramme hasseverar but quality contingency options. 2010Revex GoMX- Jay Thorseth DaveRainey and G-&G seismic: Jay requested for $BSm DWX ($75m)and renewal($10m).Neil piggottnoted $3.7mshouldbe addedto the GoMXrenewalbudgetas the creditwith GXT for the USAM spandatahasbeenspenton WestAfricaseismic purchases. G&G other:Daveinformed Forumthatthe planwas to keep G&G otherflat at $70m.GoMX wouldkeeprentals through flat rigorous management the blookinventory. of Davenotedthat additionalactivitywould wilh _come- riber early appraisaland the step up in the drilling programme(historically GoMX has been delivering2.3 welts per yeir).'This would be primarily managed through re-organisation following July Forumdecision DeepGas. the on Revexallocated: $89mG&Gseismic $70mG&Gother. and Canada LlzJolley G&Gseismic: requested Liz $Sm.forprocessing the Bp surveyand the XoM survey.lt was of proposed that Canadaaffeota straightlzero costl seismic trad6with XoM. Liz also brought optionto purchase suilregional2D data and acquire some 2D linesin Ig*3t9.1 contingent block449 overan areathat w_e missed this year.However, was notedthat obtaining it these datawas notcriticalpathandthe opilonshorito relalned lhe future. be for G&G other:Liz outlined increase run rale fiom $10mto $14m.The sutssurface the in team has increased sizeandthe drilling in leamhas beenincorporated (D&Cactivities currenlly are focused threeareas:FEL,a qgason in lenglhstudyand a'shippingi review;oiihe srqm, $sm will be spentin Houston (primarily drilling support). Spencer Howeaskediiwe are dupticating, ratherthan complementing, activity.Liz repliedlhat in her view we havethe balance XoM preparing influence challenge to and XoMas a non-oppartner. MikeDalyasked lgfl we_.a1e if the splitlocation modelwas_ appropriate. statedthatoncethe way forward tne'pro;eci Liz tor was clear aroundend 2a 20rc, then an updaledorganisation plan wouldbe presented to Forum.

CONFIDENTIAL

BP-HZN-2 79MDL02e17344 1

planfor October Action:prepare updated organisation 2010Forum- Liz Jolley. an Revex allocated: G&Gseismic 914mG&Gother. and $5m Angola BobAllan G&Gseismic: requesled for 2010- $3mfor Block RTMand$2mBavuca. Bob 31 Martin $5m lllingworth stated thelatlerfeltlikeappraisal that activity. Action:checkwhetherBavucaseismicis appraisal exploration or spend- Bob Allan. G&GothecBobrequested to coverBlock ($3m), ($3m) partner 31 renewal and operated $8m ($2m) partner operated costs historically comein lessthanforecast. Revex allocated: G&G'seismic $8mG&Gother. and $3m AzerbaijanGregRiley planning theassumption a PSA G&Gseismic: request tor $1mfor Shafag was Asiman on that will be signed end 2Q 2O1O on this basis- acquisilion by wouldcommence 201'1. in Mike Dalyaskedif thereis synergybetween ShafagAsimanand SWAP- Gregnotedthat some conventional datacouldbe acquired SWAP,withthe vessellikelyto be contracted 2D in for (the Shaiag Asiman Gilivar), thatSWAP but wasprimarily transition zone. G&GothefiGregrequested (increase the LTP). on $4m Revex allocated: G&Gseismic $4mG&Gother. and $'lm Algeria JensPace G&Gseismic: zero. G&Gothen to team. $0.4m runsub-surface Revex allocated: $0.4m G&Gother. Libya JensPace ($68macquisitionsecond G&Gseismic: Jensoutlined LTP- $73monshore the crewand and and for linesthatwould $5mfor processing) $'l6moffshore processing 2D deepcrustal fulfil the 2D element the work programme of commitment. is $7m of upwardpressure associated with the secondcrerr tender.Jens statedthat (the $69m)MM programme is contingent thetrialandreflected it is nol clearlhat we wouldspendthis beforethe first on that well. Geoff Hill stated that if the XoM well is successtul shouldconsiderthe MAZ we programme chase playin to ouracreage to the where dataquality poor,if notthenwait the is unlilafierthe firstwell is drilled. G&Gother:no change LTP plan of $29m.Capitalizing to overhead against wellswould the offerthe opportunity spendlessrevex(directionally to $26m). Revex allocated: and $89mG&Gseismic $29mG&Gother. Egypt Chuck Guderjahn G&G seismic:requestis for $19m - $13m for new MM acquisition recentlyacquired in Damiettaand Tineh licences,$2.4m for processingand $3.6m for Candies. Chuck ackno,vledged upwardpressure associated the nevy with MAZtender.New exploratioh $2m OBCin the GOS ($5m)is contingent 2009well success we havean oBtion leverage on to pricing. the2010development contract G&G other: plan is for $14m - down from $19m in LTP throughcapitalizing overheadto Hodoa. Chucknoted lhat thiswouldbe a challenging target. Revex allocated: G&Gseismic $14mG&Gother. and $19m

CONFIDENTIAL

345 BP-HZN-2 TeMD 2e17 1 L0

Revex allocated: G&Gseismic $5mG&Gother. $5m and Australia DougHill $13mwill be needed seismic Scorpio successful; for if bid survey wouldstartin 2010and complete 201 ($25m in 1 totalnetcostassuming costshare). S0% Revex allocated: $13mG&Gseismic $5mG&Gother. and Indonesia DougHill $10m_requested 32%share west papuaseismic to pay of (non-op onshore andsomeTZ 2D Z_O) Ogugrequested $6.5mG&Gother;g4m for team (30 peopl'e, expats)and $2.5mfor 4 Kalawaijoint study. Revex allocated: $10mG&Gseismic $7mG&Gother. and NorthSea Revexallocated: $3mG&Gseismic $2mG&Gother. and Colombia Revexallocated: $0mG&Gseismic $2mG&Gother. and Trinidad Revex allocated: G&Gsiismicandg4mG&Gother. $1m Accessand Exploration NeilPiggott Martinlllingworth / Revexallocated: ($10.3m XR and$2gmunallocated) $30mG&G $38mG&Gseismic to and other($9.2m Central Team, SAXand$,15m $5.2m XR). Actlon: check Brazil revex numbers- Nell plggoft. Action: check2010G&Gotherplanagalnst2009November actuals Forummembers.

Renewal - NeitPlggott, Bent,BrunoDavid, Al John Ollver,Clndyyeltding NW Africa- Al Bent: Al described recentrevievv_of NWAfricamargln. his -3500 km the The studyareacomprised of coastline from Morocco Guinea to whichis the conjugate th6 NorthAmbrican tt OCS.The previous studywas undertaken the BRT in 2003,lhe recommendation not to pursue by was any opportunity ttrc area basedon cRS resultsand limitedyrF (<200mmboe) the fatal in -

CONFIDENTIAL

BP-HZN-2179MDL02917346

flawwas the lackof solidevidence a REGIONAL for Jurassic LowerCretaceous or source rock and also the lack of material scale opportunities the Cretaceous. in New data / information come lightsince laststudy: have to the . New exploration deepwater well dala from Moroccoand Mauritania (mainly disappointing) . 11exploration holes dry havebeendritled offshore Mauritania lhe upper on slope; the Chinguetti kend hasproven verydisappointing . Jubilee giantdiscovery the Lower in pinch-out (is therean analogue play Cretaceous in NWAfrica?) ' Callovian gas pronesourcerock has been provenin the East CoastBaltimore Canyon . Datarooms visited Guinea Gambia for and As notedby theBRTthekeysource challenge thattheCenomanian is (CT) / Turonian source rockis onlylocally mature Mauritania in where has beenloaded the Casamance it by delta. Elsewhere CT sourcerock is not matureso reliance placedon a LowerCretaceous the is / Jurassicprovenon the conjugate marginbut not in NW Africa.In terms of reservoir, the Casamance deltaslrstem developed Mauritania Senegal off and duringthe LateCretaceous and LowerTertiary, however, slopedeposils Mauritania lhe (Chinguefti in Field)haveproven verypoorquality. The Boujdour Tan Tan deltasystems and developed offshore Morocco and WesternSaharaduringthe EarlyCretaceous, however, thesesit belowthe (immature) CT sourcerock.lntriguingly, Kosmos operator a large(45,000 km)tractoffshore is of sq Western - it is believed they are chasing structural comprising Sahara that play a EarlyCretaceous deltaedgesands. leviewed Al farmin opportunities Gambia in and Guinea. Bottom of line playsidentified review: material no alongNWAfricamargin. SARP Bruno David JohnOliver: / Support sought is fromForum purchase to additional seismic 2D overkeyopportunities and to engage Petfobras regard i) a technical with to exchange the Brazil on equatorial margin joint andii)discussing bidding the upcoming in ANP11 licence round. The South Atlantic hometo threeoFthegreatdeepwater provinces. ls -100bnboe is YTF of which70%resides Brazil. in The top threepicksin the South Atlantic Basinare:Brazilpresalt,Ghana CoteD'lvbire CapoFriopre-salt. terms the Santos lvoirian and In of and Basins, BP is latelo lheseplays; access costis high.and remaining the running roomlimited. Capo Frioaccess pending is newterms.Beyond these,threeprovinces (Brazil havebeenidentified equatorial margin,SouthGabon(pre-salt), and the Benin-Togo Embayment) which are considered havematerial potential theopportunity BPto takea leadership to and position for by moving early. Equatorial Brazil- is ihe conjugate the WestAfricalransform to margin. AOIliesbetween The the Romanche St Paulfracture and zones.To dale,1.2 bnboehasbeendiscovered offshore butonly7 wells drilled > 200m in waterin an areacomprising 100,000 km.YTFpotential sq is -16 bnboe(Petrobras estimate) two sub-basins: in Barreirinhas Para-Maranhao. and Plays includeUpperCretaceous and LowerTertiarysandsin structural and strattgraphic traps. Principalrisks are trap, reservoir deliverability and source mafurity.Seismic request comprises purchase 18,000 km of TGS2Dto infill the of line existing grid,costis $2.1m. BP SouthGabon- the AOI is -24,000 sq km (12 open blocks) with YTF potential 5 bnboe. of Pre-salt wouldbe the targetplay (olherplaysalso identified). llcence A roundis planned for 2H 2010;TOTALand Cobalt be the likelycompetition. will CGGVcurentlyshooting new2D, test line looks encouraging. Seismic request comprisesthe purchaseof $6.gm ultradeep,vater seismic (covers onlya smallportion AOI)and$2mfor 2D tie lines. of Benin Embayment 50, 000 sq km deepwater under-explored wells, two small (six is discoveries). shelfis mature(-50 exploration The weilshavedelivered smalldiscoveries). six playsanalogous Jubileeplay. No licence Deepwater to roundplanned, may be possible to accessthrough play holder) directnegotiation. APC (Jubilee recently relinquished large their acreageholding unclear why. Seismicrequest comprises purchase 1850line km of the of TGS2D dataand rental 4600sq km of PGS3Dbr a totalcostof $1.3m. of

CONFIDENTIAL

BP-HZN-2 TeMD 2917 1 L0 347

US OCS- Cindy Yellding: Cindygavea quickupdate lhe lechnical on assessment forward and planfor the US OGS platform EGoM,west efforl.The areasbeinglookedat include the: East coast,Florida / Coast andSouth Alaska. Currently phase withthe aimof producing bottom resource in 1 a up estimate; intentis to comelo Forumin July2010for a (stopor continue) decision. Cunent front runneris FloridaPlatform EGOM.In terms of timing,in January / 2009 the MMS program(Dpp). The Dpp seeks public announced releaseof lhe Erafi Proposed the cornment all aspects the newprogramme 2010-2015 on of for including energy development and economic environmental and issues the OCSareas.lt is hopedthatthe planwill be in approved 2009/ early late 2O1O; lhisbasis EGOM on an licence round could heldin 2011. be Actlon:oncecomplete, sendSouthAlaskaTDMto Martlnltllngworth Clndyyeildtng. 2009 G&G seismic additionalspend - Martin ulingworrh context revexheadroom $30-40m pendingNovember is GFo. Martinproposed lhat Forum agrees G&Gseismic $30madditional spend; lurther expenditure be possible may laterin the year. Mike asked Geoff for his recornmendation, Geoff stated that GoM Pg, the Brazil equatorial margin, Baffin Benin and werethepriorities. Thefollowing allocation agreed: was GoM $20m" Brazil $2.6m Baffin $2.5m Benin $1.3m 'Jay (shamelessly) requested theGoM2010allocation lhat remains at Action:Miketo reviewBaftinafterForum- NeilPiggott. Action: Mike requested that we definethe potentialprize to BP associated with the SouthAtlantlcaccessopportunities, needto demonstrate we (don't want a materiality seriesof postagestampsscattered aroundSouthAtlantic)- Neil Piggott. Wrap up - Mar{n lillngworth Action: updatestatus of / close out remainingactions ASAP- all. $89m.

CONFIDENTIAL

BP-HZN-2 79MD 2917 1 L0 348