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BP — Houston Presentations Sept 2000 Go M Deepwater Exploration

11 slides from BP's investor presentation, September 2000

1. Slide 1: Delivering Growth: GoM Deepwater Exploration

   Delivering Growth: GoM Deepwater Exploration Jim Farnsworth Vice President, Gulf of Mexico Deepwater Exploration

2. Slide 2: Excellent Track Record

   Excellent Track Record BP 36% SHELL 25% EXXON MOBIL Estimated 13% UNOCAL Net Resources KERR McGEE BHP Houston By Company Houston Total: 9.6 BBOE AGIP ENTERPRISE Producing TEXACO Crazy Horse Planned Holstein ALL OTHERS 3000 0 500 1000 1500 2000 2500 3000 3500 4000 2800 Source: J. S. Herold Deepwater

3. Slide 3: Leading Deep Water Lease Position

   Leading Deep Water Lease Position BP New Orleans 802 Houston Vastar Exxon-Mobil Shell Texaco Chevron Chevron Others Lease Holdings - June, 2000 Mars Source: Lexco Database, Minerals Management Service: WD >1000’ Crazy Horse Troika 2500 Atlantis 5000 Diana Mad Dog 7500 Baha 10000 BP Leases 0 100 Mile

4. Slide 4: GoM Deepwater Potential

   GoM Deepwater Potential The deepwater is still realtively immature and has the potential for 40 BBOE Texas Louisiana in large fields. N ew Orleans 4 Houston 600' 3 2 1 6000' 0 Shallow Water (<2500’) Area 60 M mi 2 Production 3 MMboe/d Discovered 40 Bboe 40 Cumulative Resource (BBOE) 35 30 25 20 Shel

5. Slide 5: Exploration Philosophy

   Exploration Philosophy Frontier: New Geography (ultra-deep water) Established Plays 6-10,000 FT. W.D. • BP led the exploration of new plays in deeper sections and Seafloor in deeper water SALT PLEISTOCENE SALT - PLIOCENE BA S E LT SA MIOCENE -CRETACEOUS S Original Salt Layer BASEMENT Frontier: New G

6. Slide 6: Key Technology: Petroleum Systems Analysis

   Key Technology: Petroleum Systems Analysis Hydrocarbon Saturation Low High Lithology Key Source Condensed Shale Silty Shale Slity Sand Sand Salt N

7. Slide 7: Key Technology: Depth Imaging

   ey Technology: Depth Imaging 3DTime 3DDepth Imaging Imaging N

8. Slide 8: Key DW Drilling Technologies

   Key DW Drilling Technologies •Dual Gradient Gradient Drilling •Duall Drilling •Free- •FreeS-Standing tandingRiser Riser •Pre •Pre-set -setTaut Taut-Leg -LegMooring Mooring • Utilization of • Utilization of2nd/3rd 2nd/3rdGen. Gen.Rigs Rigs Shallow Water •Expandable Expandable • Casings Casings Flow Z

9. Slide 9: Key Technology: Subsalt Drilling

   ey Technology: Subsalt Drilling Well Depth vs. Cost WD = -5,700' -5000 -6000 -7000 -8000 -9000 -10000 6000ft -11000 -12000 Eliminate Intra-salt -13000 Casing String -14000 -15000 Depth -16000 -17000 Eliminate Second -18000 -19000 Casing String -20000 -21000 -22000 -23000 -24000 -25000 Plan -26000 To

10. Slide 10: Gulf of Mexico Deepwater: Actual / Projected BP Net of Royalty mboed

    Gulf of Mexico Deepwater 800 Actual / Projected BP Net of Royalty mboed 700 Major Developments 600 500 Near Term Projects 400 Keeping the Facilities Full 300 200 100 Managing the Base 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 N

11. Slide 11: Currently Drilling Exploration and Appraisal Wells

    Currently Drilling Exploration and Appraisal Wells BP 36% St.. James 3.5 bboe LOC AP Loop Storage DELTA (300 mbd) BUD Houston COBIA (25 mbd) RA (200 mbd) M PO (6 Ra m 0 mbd ELL W M arl in (85 ) Powe l l mb Others 64% Loop WHITE CA d) Estimated Net (195 mbd ) SPMs K ing m bd MA CO G Po m pano King's

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