BP Announces Major Deepwater Discovery at Aspen

Apr 25, 2001, 01:00 ET from BP Amoco Corporation

    HOUSTON, April 25 /PRNewswire/ -- BP today announced a major discovery at
 its Aspen field, located approximately 150 miles south-southwest of New
 Orleans, La., in the Green Canyon region of the Gulf of Mexico.  The discovery
 adds to an extensive portfolio of deepwater assets BP has in the Gulf.
     Exploratory drilling by the Ocean Victory semi-submersible drilling rig
 confirmed the Aspen discovery.  Net feet of pay encountered was 490 ft.
 Development plans for the field are currently being evaluated.
     "Aspen is another success in our world wide deepwater exploration program,
 and reinforces BP's leadership role in the Gulf of Mexico," said Jack Golden,
 BP Group Vice President.
     Aspen is a deepwater field located in approximately 3,000 feet of water at
 Green Canyon Block 243.  BP has 80 percent ownership of the block.  Nexen
 Petroleum USA Inc. owns the remaining 20 percent.  Block 243 is located near
 the BP-operated Troika field, which is jointly owned by BP, Shell and
 Marathon.
     The former Vastar Resources, Inc. of Houston purchased the Aspen field
 lease in March 1998.  BP acquired its rights through the company's purchase of
 Vastar in 2000.  Aspen is one of approximately 50 Vastar prospects BP is
 currently evaluating or developing.
     "We are excited about Aspen's potential and believe it will contribute to
 the near-term growth of BP's portfolio," said James Dupree, vice president of
 BP's Deepwater Production.
     BP is the largest acreage holder in the deepwater Gulf with more than 750
 gross blocks in water depths greater than 1,500 feet.  The company has a
 substantial reserve base in the deepwater Gulf, with ownership of
 approximately 35 percent of all deepwater Gulf discoveries to date.  BP
 currently produces more than 250,000 BOE per day from its deepwater Gulf of
 Mexico fields.
     BP is an international company involved in the exploration and production
 of crude oil and natural gas; refining, marketing, supply and transportation
 of hydrocarbons; and manufacturing and marketing of petrochemicals, and solar
 and gas-fired power generation.
 
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SOURCE BP Amoco Corporation
    HOUSTON, April 25 /PRNewswire/ -- BP today announced a major discovery at
 its Aspen field, located approximately 150 miles south-southwest of New
 Orleans, La., in the Green Canyon region of the Gulf of Mexico.  The discovery
 adds to an extensive portfolio of deepwater assets BP has in the Gulf.
     Exploratory drilling by the Ocean Victory semi-submersible drilling rig
 confirmed the Aspen discovery.  Net feet of pay encountered was 490 ft.
 Development plans for the field are currently being evaluated.
     "Aspen is another success in our world wide deepwater exploration program,
 and reinforces BP's leadership role in the Gulf of Mexico," said Jack Golden,
 BP Group Vice President.
     Aspen is a deepwater field located in approximately 3,000 feet of water at
 Green Canyon Block 243.  BP has 80 percent ownership of the block.  Nexen
 Petroleum USA Inc. owns the remaining 20 percent.  Block 243 is located near
 the BP-operated Troika field, which is jointly owned by BP, Shell and
 Marathon.
     The former Vastar Resources, Inc. of Houston purchased the Aspen field
 lease in March 1998.  BP acquired its rights through the company's purchase of
 Vastar in 2000.  Aspen is one of approximately 50 Vastar prospects BP is
 currently evaluating or developing.
     "We are excited about Aspen's potential and believe it will contribute to
 the near-term growth of BP's portfolio," said James Dupree, vice president of
 BP's Deepwater Production.
     BP is the largest acreage holder in the deepwater Gulf with more than 750
 gross blocks in water depths greater than 1,500 feet.  The company has a
 substantial reserve base in the deepwater Gulf, with ownership of
 approximately 35 percent of all deepwater Gulf discoveries to date.  BP
 currently produces more than 250,000 BOE per day from its deepwater Gulf of
 Mexico fields.
     BP is an international company involved in the exploration and production
 of crude oil and natural gas; refining, marketing, supply and transportation
 of hydrocarbons; and manufacturing and marketing of petrochemicals, and solar
 and gas-fired power generation.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X84297834
 
 SOURCE  BP Amoco Corporation