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Attendees:MikeDalyAshleyPriceD.aveRaineyRebeccaWilesJensPacePeterCarragherSpencerHoweGeoffHillNeilPiggottJonathanEvansPaulClyneDougHill

GVPExplorationEgyptGoMXAngolaNorthAfricaHoDExplorationNAGXXXRSAXAzerbaijanAsia-Pacific

ExplorationForumMeeting,2-5th ebruary2009,StokeJay ThorsethCynthiaBlankenshipMartin llingworthHoward eachScottSigurdsonlnvitees:MariaNazarke,vychDharmawan amsuGaryMolineroGraham homasSteveMatthewsHelenDoran

Park,SloughGOMDeepwaterGOMDeepGasHead fFinanceStrategy PerfomanceDr,illingCompletions

HRAdvisor PTEM ndonesialndonesiaxplorationEPTXRAzerbaijanPU

Therewereunnecessarynumbershould eminimisedn

Mondav2idFqbruarvSafetyMomentsAngola ExplorerHIPO RebeccaWileswiles described droppedobjectHlPo on heExplorerig .Key earnings re :1) .personnl n he rig loor hatmay have esultedn additionalnjuries personn6l

TangguhOBC eismic urvey oat ollisionNearMiss DougHillHill escribed NearMiss'wfieresurveyoat ollided ithan.islandnBintuni ay. he nitialnvestigationyc9ltft:!91g.qcblamed ilot roqsubsequentP nvestigaUonas dentifiedignificantssues ith rirer"niltionof cGG'sHSErnanagementystem..BP ashalted igh{-ime perationsendirigGG omplianceitir " ii.i oi-requirements'orum hallengedhether Pshouldncr6isehe evel f HsEopirationsuirportn rre ro1ect.Roundtable

thepre-iob iskassessment ).personnelraining ndcompetencyevelsmustbesuperVlsoryroles-contractorsmusthaVe3qUa|ityComPetencyR::11*:l'n:T:.:fET j:: t_"_"1'-T_y:!j!9{tlylhecoriect.sizl-andse f heool.he'personncn'arse-oi-h";toorsusteuttyompeteni;.-o*;ll.#H#ili;ilift#;"il:::::;.:rff'j#""?:i""'ffF;,J:?"**'contractor ranks.

ExplorauonForumt February2009, Stokepark, Stclugh

ta4loExhibit No. -

Worldwide Court

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Paleogene ctivity CVXhaveannounced 0ffi of pay n he Buckskin ell.BP'sview s hat he prospect equiresthe west side o work oo o buildmateriality. nadarkohave announceda discoveryat Shenandoahwell with ;bestres_ervoirualityound o date n h e Paleogene'. therwellshave ailed the key isue appears o be rapdefinition.bookingopportunityor 2009.ActlonThorseth:nvestigateheopportunityo bookBPnet.resourcesrom heFresianiscoveryn2009.

Explorauonturum, February 2009, Stokeparlg Slough

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Gulf of Mexlco DeepGas- CynthlaBlankenshlpWill K well s at 2s,OOOftus tabove heprimaryarget, urrentlyunning liner.Thin,wet sandswereencounteredtha eam s encouraged y he highporosity14-160/o).lanned D s 27,000ft; utaspirations o drilldeperoc.29,000fto penetrate ll he seismicargets. emperature illbe a controllingactor so ar, emperaturesreslightlyorverhanpredic.ted.ross cost s now$196m BPnet$5m).Blackbeard iscovery the MMSmaybe setting precedent ith operatorsMcMoRan y allowinghem o hold helicencehrough nSOPwith echno logy tudies.

CONFIDENTIAL

Gulf of Mexico Thorseth

Exploratlon Forum, February 2009, Stoke Pdrk, Slough

Macondo s a M56 ILXprospect hat could be ied back o eitherNakikaor Pompano.Meancaseresourcepotentialis 50 mmboeat a CoSof 75%.BP holds he;k6yblock100%.Theechnicalcase s nearingcompletionbut s.dependent n nterpretationf reprocossedD seismic ata in paiticularhe maging f he eastchannelmarginand existence f a +tjuaydip closure.Forumdiscussed he chargemodel n the area Thorsethagreed o check hefinalpredictedCIVr'C nd reconcilewith he mappedspillpoint.ForumaupforteddrillingMacondolubjsctto uccessful ompletion f the technicaldescription greedwith XX

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Tuesdav3d Februarv

ExploraAon Forum. February 2OO9, Stoke Perk, Slough

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2009Capex Martin llingworth

Exploratlon Forum, February.zoog, Stoke Parlg Slough

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Explorauon Forum, February 2009, Stoke Park, Slough

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S ri:liDn

EXPtOTaUOnOnilrngFebruarycFOOne Forum oeltadlscusdon

Canada UAngolaLibyaEgyptAustrallal,lotthSeaColombia

300 26 (35)37 5 (33)79 791 9 1 983 837 721 2'l4 4

fohl SPUS 55{) 4E3 (881

CONFIDENTIAL

Note: Egyptb drillirg capital will likely be lower o reflect aNorember spud date for Flodoa2008Performance Martin llingworthlllingworth verviowd008 Exploration PUperformance.hecombination f discoveriesc.73Ommboe)ndaccess 3.9 bnboe iskedexplorationPl & discovered esources) ad delivered he bestoverallperformance f ihedeoade.End yearrevo40% ended o work,whilst hose with CoS 33%)deviations rlm pre-drillvolumeestlmates. he argest rrorrappearstoe n he prediction f reservoir resence nd suggested eneed o get morepredictive n resevoirpredictionusingseismicdata (coherency nd spec. decomp..3. Explorersare still displaying Ver+onfidencen prospectparameterprediction pr+drill rangesare notwideenough4. Potenlial iogenic harge eeds o be ncludedn pre-drill rediction

PredictionAccuracy Howard LeachLeachoveMewed he historical redidionaccuracy rends.Riskpredic'tions good prospectsend o beresourceolumes rec.80% elowhe riskedDrill-out.There asbeen n mproMngrend n erms f risktuolumeredictionince 001. 009 s he irstyearsince 000thatthediscoveredolumes avematcied he isked rediction,SPUS here redic.tionccuracy asbeen:veryqod reAngola ndEgypttheseSector drill-outsrewellcalibratedy data butsucc*s is buillon an ntegratedop4own botom-up pproach;hescale f heNilePliocenelay thennst saismicallyisible hasonlybeen ealised ver hopast3 years. his s a result fsignifcant ffort ut ntosurgical apping etroleumyslems nalysis ndseismlcmagingmprovementsMAZ)combined ithappraisalri-lling,here lgcleer essons ere orthsffortthatwillbe equirdo mature imilarplays sudrasColombia agdalenaone following plontbn success.Comparingiscoveryesourceolumesinc19S4ithcunent ookingsndicateshat,whilst ome avencreasedandothers ecreased,heoverall ulclme sneutral,iving ome onfidencehat heexplorationando/er rocessis woiking. here revadationst anSPU eve!.

Exploraaon Forum, February 2009, stoke Park, sldJgh

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Action All PULS:EnsureMarchGFOsubmissions n ineWithFebruary orum pend evielv

Total coste 523 489Plan ffiqffiw

2009G&OOther y SPU:GoM:P&O alary nd easeentalncreasesince 008 asncreased&GOthero$85m RaineyemindedForum ehad akena$5mctrallengen hisalready. fterdiscussion,ainey greed0 a planof$79mo beachievedhrough, vhereosslble,atlonalislngease entals ndassumlngmodest 009salary lse; heremaybesome avings ydelayingilling nyvacancieshatoccur.

ic fame is that costs should emain lat with to 2008. hecunentGFOOneExplorationPU

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ExploraAonForum, February 2009, Stake Park, Slough

Drilling& Completions2008ExplorationDrillingPerformance Scott SigurdsonWe made lgniflcantead\Arayn duclng eOiSical,NFTln098. ng No Oritting grprlsesnltlatlveedbyKateBakerhas been erysuccessful.heqpd bb F\rer o impro\E fling perfdfinaneds tfg repair ,lFT.Forum upportedigurdson'sroposalf a WellProgrammeanagertFmeetingnSunburynApril.

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practicecross PUs.Thenextechnoiogytepsnclude ired ipe ndmoneborerilling.In 2009, iber ndHodoa illboth every ifficult ells.Learning rom 2008wellsDeepwater oM Jay ThorsethHSE:ZeroDAFWCs HIPOsn2009 utRecordablesreup.A Safetymprovementlanwasput nplace n heHorizoniganda ull nvestigationsundertakenorevery eeordablencident.key earnings o ensurehat heMarine rews re ncludingn hesafety rocess.Kodiak elloperations:weak one eneathhesaltmeanthe16"and133/8'casing ere etshallow.heGeotapechnologyas riticalo ensurehat henext asingtrings ere ushedsdeep spossible.heGeotapdatawere saccurates hesubsequentDTmeasurements.'super ress-grafoolhasbeen evelopedobetter isualiseressurehilst rilling. oMTiger ontactsPinky inson.Freedom elloperations:nitial roblemsettinghe conductor ereoverclme,ollowed y excellentrillingperformance.he eam s mappingheshallow verburdenndetailo aidwell lanning;heDecisionSpaceoftwareis recommendedor ntegrationndvisualisation.oMhave lsocreatedn bffectivetresss.column eightspreadsheetalculator.GoMaremaking rogress ith echnologyolutionshatatlovrapid elocitymodel uildingo deliver vernightprocessingterations.Rainey otedhat here adbeenhreeDropped bjectncidentsnGoM igsnJanuary009 the pursuitfoperationalafety

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ActionCarragher: eliver processorarchiving/dataapture.lllingworthummarisedhekey earningsromhesession:1 ,',,:1H[X?',:lXXT,:3f:'J:ft"J.il,E$::';:[:",:"ffifllll}iflii:ifiti%n oru't2.a

4.E

DroppedObjectsare a maJor afety heme.New start-up igsand crewsposea majorHSE and performanceisk - major ssuesshouldbe coveredbythe rig audit eam;BP usesa contractorlledEDS or all rig auditsupport ndkaining.Need o ensure othmarine nd drillcrewsafety ystems re addressedThere s a shortage f competency roundhe world.

Actlon PULS:Ensure ll Exploration IPOs plusothersby exception) re discussed y he Forum

The Global Rig Market Scoft Sigurdsonprices.Somemajor Rlg Contractors ontinuepushingor $600k+day ratesgfuenong-termoll uturesof $7185 abarreland ong ead imes untilcontractexpiries.Operatorsare pushing or day rates n the $500-550lddayange'incremental"deal. Petrobras' equirements re he bigwild-card,both rom imingand Brazilian ontentperspective.The UDW rig supplymight be constrlcted f capital rom operators especiallyPetrobras) r banks s not availableeventually.Jack up rig supplywill causemarketweakness.The substantial umberof new build igs cunentlyunderuaywasexpected o put pressureon JU rates,errren eforeoil pricecollapse.Twenty ive ofthe newbuildJUs o be deliveredin 2009 are withoutcontracts.Rowan s cancelling ome newbuildorders already.Landrig countcomingoff rapidly,day rate data ags but will allIn summary:

. Themarket s weakening rig availabilitys predictedo increasewith he potentialor dishessed armoutsbecomingavailable, articularlyor [tM/ and DW markets,ess so with UDW market.InNov. 008BPwasquoted sincehen ay ate entimentas lid.

ExplorationForum, February 2009, Stoke Park, Slough

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CONFIDENTIALSupply ide s challengedy he credit runch ndneMestablishedontractorsreshov/ingignsofneryousnessBPappetiteo commito ong ermcontradss very owcunentlyFarmoutsmayofferattractivelternativeccessor BPandwillbepursued.

RenewalStrategyHelenDoranDoran resentedsynthesis f heRenewal trategyollowing iscussiont he Renewal orumn July2008.Theobservationlrasmade hatExplorationeams o not ullyunderstandheStrategy;herewasanopportunityoroll-outheStrategyo he eamswith he FirstOilvideoGeoffHillannouncedherolloutof he newProspect efinitionolume l henewPetroleum eoscienceandbook.XX ntendedo roll-outhemanualn sites hroughheyear thiscouldnclude section n Strategynd heapplicationfTopDown Bottom panalysis.ction llingworth: chedulesessiont2Q2009 orumorExplorationd ual oll-ouL

AOBThe uly orum illake lacen heUK heweek f6'n uly.The2009 PIDOexdrcise il l akeplaceduring1Q.Firstsubmissions ill be requested y end February.Govemance ocumentations in goodshape;we are missing DMson hef'February.Wrap-Up

The People essionwas highlighted.r The LessonLearnt ession as swung oo arto HSUOperations:we need o eKractmoresubsurfiacelessons earntandunderstandheir mpacton hePl (ActionHill/Leach).o 2008 performancewas tremendous.o 2009 perfdrmance ill be challenging we need o shi:nlrreadership nd keeppogitive.. A roll-out f the BP 100year itmwill akeplace n Sunbury n April .

HowardLeach

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Explorailon furum, February 2OO9,Stokepark, Slough

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Attendees:Mike DalyChuck GuderjahnDave RaineyRebecca WilesJens PacePeter CarragherSpencer Ho,veGeoffHillNeil PiggottPaul ClyneDougHillLiz Jolley

Head of Exploration AccessEsyptGoMXAngolaNorth AfricaVP Exploration GeoscienceNAGXXXRAzerbaijanAsia-PacificCanada

JayThorsethCynthia lankenshipMartinllingMrorthHoward eachScottSigurdsonInvitees:AhmedAfifiPeterBenthamMarioMoreno-VegaFergus ddisonLaurenSegalStEveChapp6ll

HoustonGOMDeepwaterGOMDeepGasHeadof FinanceStrategy PerformanceD&CFunclion

EgyptExplorationEgyptExplorationEgyptExplorationVP DevelopmentsoMPULPaleogene oMEM CntralGoM

Expforation orumMeeting,27.304'April 009,

Mondav27h AprilContext MikeDalyDaly reported hat he would need to leav Forum on Wednesday evening because hE s due lo meet the lraqiPM at Downing St on Thursday. He would also noed b go to a Paleogene Review on Monday afternoonandsxpected to be called away by AGI io prepare or a Board preparation.Daly noted thal lhe external environment is tough and this is an important Forum. In 2009, Group is planning$l6bncapex;2010planwil lbe$13bn. Forexplorat ion,the20l0f iameis$500mcapexand$ztEOmcostssbchoiceswill need o be made. 1Q had beengood for the BP Group good production, oo d on costs and R& Mdeliveredwell. In 1Q,we have made good access n GoM and n Egypt.RoundtableGulf of MexlcoDeepWater Jay ThorsethTiberwell s at 27,000ft aving xited alt,willsel casing round 8,000ffwith rst (Eocene)argets t around29,000ft.Wellhashadsuperdrilling erformance shouldnow eachCretaceousargelsas well,although illneedan extensionor Kodiak perations. onoco renow n thewetl or-20% (fromPekobras). unenuy,cross-assignmenthatshould educe ur cost ntereststeing progressed.Macondo nowhave inalde$h migralion ndprospscts 64mmboe ith67%Ps. Well sbing planned.Gulfot MexlcoDeepGas CynthlaBlankenshlpWill K wellTD'dat 28,286f1ver he week-end; ill og hiswaek;managedo recover gOft ore atextremeAT); BPnetcosts

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Angola RebeccaWilesGirassolDeepwell a non-operated,ryholedrilled ateMach/earlypril; oundwater-bearingand, ailuremode hought o bE aultseal.GanadaBeauforl Llz Jolley20093D soismic permitting oingwell,xpctpermitmid-late une.AsCGGVplanningo usa? Norwegianvessel, Canadianessel wner asobjected,ow n a 120day ebuttal rocessriggeredn 5'March;mayreflag heNorwegian essel. heCanadian ransport uthoritymakeshe decision largespendundErhecontract tarls nmid-June oneedCTAdecision y hen.Currently,hreevessels rebeingauCited VikingVision.an ce-breakernd a picketboat.Plan o sail romVancouvero PoinlBanow5h 1Oh ulyandstrartacquisitionn 1sr ugust.ce s the ssue,havedifferent cenariosorshooting epending pon ci conditionswhenarriveat surveyafea,willnot breakcbut ust move t.A plan or CGGVo use he VikingVision n GoMin 2009 tobepaid or n2010) asnotyetbeen eveloped.Partnering:1ry1n9o getalignment ith mperial/Exxon.xxonwantOperatoro have otalcontrol owhichBPcannotagrE,mightnEedDaly/Cejka eeting. orum uggestedhatshould onsider ringingGhevronn toprovide counter-belanceo Exxon.CoP salso ntErestedn accessing eaufort.Drilling ptions Exxonareprogressingonversations ithTransOcean,lthough P hasmde olear hata faitaccomplis unacceptable.igurdsonoted hat here s nota rig hatcandrill his so needsa new-build ut notnecessarilyromTransOcean.olley tated hatwith current rilling osts,prospects re notviablebut here s50%costuncertainty ndspendinS '1.5mn 2009 o work hE ssues.MackenziE elta MGMJ27 discoverys -4oobcf.MGMhasa furtherhreewellcommitment hichBP/Chevron ish o transferntodevolopmentrillingo be spentafler he MackEnzie eltapipelines built i-e.in 3 or 4 years ime);MGM ikelyo agree.North Afrlca- Jens PaceAlgeria 259o f the 2500km2 ourarhet ppraisal Dseismic rrammehasbeenacquired expect o drill nearly2010. Tharewill bea icence oundn 2009 or whichAlgerian uthorities avE skedwhat ermsBpwould ik o sebut oan't hangeiscalerms'.Offshore ibya seismic 07o omplele, alching p oMowntime nJanuary.Early ndicationsromseismic rethat hereare argestructures. Pdoesnothave ogs rom heAmeradaHesswellwhich eportedly adea-7tcf discoveryhat s non-commercialecause f the erms.Western asopned procssingntrenTripoli.Action Pace:provide lineshowingHesswell ahdour acreageor heMay nvestor aokOnshore ibya acquked 300km2 sing he SS echnique. n Saturday hot he mitlionth P- world ecord.HadbeEn oing 13,000VPs/day again world ecord) ut nowgto,vno 7,000VPs/day s erain-hasbecomemoredifficult.Notethatll.(D0VPs/dayisequivalentto-70Okmz/month.aveprocessedE50km2-strucluresapparing t Ordovicianevel; eywill be scaleot ths struclures.Ddlling rigprocuremenlasstarted. or he offshore, ope o entera rig clubwith Exxon nd he ong eadsprocurementrocess as been nitiated swill ake ime oget hroughNOC.Tripolioffice workingwallwith NOCand otheroperators; asbecome asier oget hlngsdono ecnfly.Egypt ChuckGuderrahnColossus D- IEOCwill not und heprocessing hichneds 3m o finish.processingcouldbe delayed onxtyearas well needs o be drilledby 2012.Actlon GuderJahn:orwardo Daty he briefing aper or AGImeeting ithENIBlock3 - newspapersnofficiallynnounoed P consortiums hc winner estsrday; Poonsortium ad hebestbonus $51m) ndworkprogramme, G had he bestcontractorptit bonuswas$4Sm).Block2 - Shellwill arm-in;Petronasmaywll not.Santossexiting ho country.BPwould ikc SE Julyblockn GoS.Oiherpartners re Beach nd DanaUK,neither fwhomwillpre-empt.40% nd Operatorshipvailable nd equires $1m easepayment. herearenocommitrnentsutOBC $5-6m et) n 2O1O?O11ouldb sn6iblo. E aterdiscussionor ForumrecommendationSouthAsla Exploratlon NetlPlggottIndus 3D s cornplete nd cost$'13m. arnFout fiortshavabeenunsuccessful. oir o offeroornpaniesheopportunity f payinga viewingeE -$1,5m)now o see he dataas soonas heyareprocessedcfspecselsmic urveys).Actton tllngworth/Piggott:checkhe accountingulesof charging viawing 6 cananypaymnt reatdas a reductionn cost?Onlyproceed ith rocess f it canbe so reated.India firstMCM or D17 o be held n May.Colombla NellPlggott3D seismic ata sshowing romisewith ha possibilityf an EDRbookingn 2009 romCartagene nda Plbeingbuiltaroundourbuckets: dglrt'Cartagena-type'hannels, tacked ingrle-cycleventstrapodover heaccretionaryrism, ep\,vaterbatigraphiclaycomprisinghannel ystemsnfrontof accretionaryrism,and

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CONFIDENTIALsectionbeneaththe mass transport complex.Key questionwill be rvhere best to place an explorationwell.Piggottstated that there is e need for an additionalpower mapper n Bogota for which there is budget andheadcount Daly has no objections o filling his resource apActlon llllngworth/Plggott: colombia forward plans to bo reviewedal July 2009 ForumRenewal Neil PiggottFoz- being e-evaluated s a biogenicplay,albeitprobably ot on th e Dhirubhai cale.pl of 10tcf isked n areacoveredby 3D seismic and 6tcf in area covered by 2D, in a variety of trapping geomelries, has been identified.Need to establish the commercialviabilityof a gas play in this remote region.RussianArctic - Moscow team accepted he cost challenge rom the Aprit Forurn. Followinga Bogdanchikov/Haywardmeeting, t s apparent hal Rosneftwant o complete he KV programme 1 well fi 2010112011);Hayarard'svian is that BP does this or the Arctic relationshipwith.Rosneftwill end, so Bp should do thecheapest well in KV. Forum discussedwhether the deeper play would be a better option than a near shorecheap well. Pace raised the issue of lhe apparnt conflicl between he Rosneft relationshipand the TNK-BPshareholderagreementbut Daly commented hat TNK-BP will have different partners by 2015, say, andthonthingswill be different.Action lllingworth/Piggott: Sakhalin review o be held at October 2009 Forum fullowingan XX review. Reviewto cover RussianArctic update as well.Greenland BaffinBay loaseround announced or Ma y 2010. BP will not nominateany blocks,nominations fwhichare due duringMay 2009.Asla-Paclfic Doug HillWest Berau- seisrnic acquisition s 35% complete;acguisitionhas besn slow and BP has inlervened o gt anew source vessel. Brute stacks are indioating hat there are structuresalthoughclosure o north remainJ theke y rapping ssue.North Arafura JSA - awarded to BP on 23'dMarch 2009.Kasuri (aka Babo) - will make one more access aftemptwith Genting.Ceduna GXT startedshootingspec data n mid-April.Blocknominations ave been made;gazettalwill beannounced his year or closure n 2010.Azerbaijan Paul ClyneAbsheron- 10% s now on offer, essentiallyBp can take it or leave itExPlorationoffer - has been made containingan.MoU on all prospects.BP is trying o trigger a responsearoundInglisvbit to Baku n May and the Oil Show n June.Seismic - Peter GarragherSeism.ic osts are going to drop in late 2009 and BP could choose to capture long term optionsto protct tselffrom rising ratos (cf2004).USA- Dave RalneyRaineyoutlined he new business environment n the USA. New edministration,new budget with tax proposalsthat will make oil and gas invstment ess altraclive: rducEd ax crdits, excise tax, sliding royally deiendentupon oil price, production ncentive ees, increasingminimumbids, increasing gase rentais etc.Public hearirps on MMS'S next fiv+'year plan for OCS accss wr held Mc 20h April. In New Orleans,politicianssupportiveof industry; for the East Coast politicianswere anti-industry; n Anchorage, evEryonesupported ndustry; or California,peoplewere against the indusky. BP testified'inall the heaiings - MMS wereappreciativeof BP's effons.Alsj duringw/c 20s April, Waslington DC circuit court upheld one count (out of five) in a complaint from Cantreof Biodiversityagainst the MMS current fiv-yearplan (2007 - 2012). Thacourt helti that the MMS did notcompletea full environmentalassessment n the plan.This could impact ell lease awards from 2007 onwards inGoM and Alaska - thay may all bs invalid.DW G9M SPU is averaging450kbopd - have done 480kbopd and may reach 500kbopd. Production sunderpinnedby grat peformance at Thunderhorse.Egypt DeepDive - Chuck Guderiahn,peter Bentham,Mario Morcno-Vega,Ahmed AfitiGuderjahnrovided n overview f BP'sbusinessn Egyptwhich ncludes xplorationndproduction ctivitynthe NilDelta,heGulfot suez End heWeslernDesert nd ndicatedhat hepurpose f the sessionwas ounderpinhe iveyearplan.Bendram escribedhe regional eologicalndstruclural istory f EgyptromJurassichroughopresent-dayescribinghemaingiologicalevents rat havecontrolledhe diff6ringhydrocarbonabitatsn he NileDelta, heGulfof Suzand heWsternDesert.MarioMoreno-VegaescribedheNileDeltaplaysystemsn detail; evierrredhesuccess/failurenalysis f keywells;demonstratedhe mpacthat magingmprovements,hroughMAzseismic echnology,avehadonprospecldentiticationnddescriptionnd-on orepressure rediction;escribed ur eceni good) ompetitiveperformance;nddescribed P'scunentPl, he uture unningoom nhe NileOelta nd ho-five-yearrillingprogramme hichcompriseswo threewellsperyearuntil2014.

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Pace asked whether the SPU's appraisalplan is consistent with the exploration programmeas described.Guderjahn stated that lhis issue is being considered so it is nol clear yet; cerlainly, he explorationprogramma isnot consislent with delaying all appraisalactivity. n the new blocks, a DOCD has to be made within two years ofthe explorationdiscovery and first productionmust be within six years of the DOCD.Ahmd Afifi overviewed GoS and Western Desert play systgms but concntratedon the GoS. Two ILX wells areto bE drilled in GoS in 2009 - NG366 and North Burtocal- which wera idenlified on new OBC seismic data.Proposition s that further OBC could open up previouslyunder-exploredareas (largely coastal transitionzonesand shipping anes)which couldcontainsignificent TF. The argestYTF appears o be in the NorthernGo S but(even OBC) seismic data quality precludeseffectiveexploration here and so have ohosen to focus in theSouthern GoS. Plan is to have a rolling programmeof acquiring one or two OBC programmseach year withfollow-on explorationwells drilledwithin two years of the OBC acquisition.Access to SE July block is available now from Santos - 40% interest and operatorship.Concession is currentlyunder-exploredowing io poor seismic data quality under shipping anes and is exactly n-line wilh forwardstrategy for GoS. Expect that an offer of -$1 m (lease capital) would be acceptablE o Santos but ned to makethE offer imminently.There are no commilments on the block but an OBC (-g4m net) would be required toexplore effectivelyand should drill in 2011 before next phaseof concession (with commitmenls) starts in 2012.Forum discussed whether pursuing ILX in GoS was activity that it supponed. lt was agreed that ctearty t isactivity that will not renew BP; but a cost of $30m gross ($10m OBC and S20m per well) to generate a SOmmboeprospecl at P3of 0.33 gives a discovery cost of -$2yboewhich is competitive or llX. On this basis, Forumsupporled the thrust of th forward plan for GoS althoughstressgd hat failure in the 2009 wells may well impactthe implementationof that plan. Forum also requested he Egypt SPU to priorilise rigorously he various areasof running room end to reconsidrwhethr an area (6.9. NorthernGo.S)has been screened out prematurely.Forum supported making an ofier for 40% of SE July for a modest (

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CONFIDENTIALDaly stated that il did not feel we are on top of this opportunity.Doug Hill confirmed his view lhat loday the project s poorlystaffed;Ulian Fandriana s aware of the issue andhas st uP a shareholder eam within BP to facilitatestaffing. Jollyaskgd whther there were any NAG staffthat couldbe made availableo help given he recent e-organisafiLn. PUL WilliamLi n had a focuson th eprojectwhich had been agreed with AGI at the recent performanceFest.AlgerlaPace siated lhere may be a licence round in Algeria in 2H 2009 which may offer blocks of interest it is possiblethat lha terms witl be improved over those ofiered in 200g.2009 Drlllhg Programmelh.e plan s $500mdrilling apexspend o deliver500mmboene t BP . The cunent capex oll-up s $457mwhichdelivers a risked drill-out of 49Bmmboe. There is headroomof $43m which could risa to $70m'if spud of Hodoaslips nto2010.Drill-out utcome s highly everaged o the successor failureof th e Tiberwell.Additional esourceadditions ave been dentified:

1 An extensionof the GoM Friesiandiscovery nto BP's Holslein icence could add c.33 mmboe net butrequiresBP to trade he logs.2. Culzeandiscovery n the UK NorthSe a - BP has a back-inol c16oh hich coulddeliver .1oommboeBP net.3. The cartagena gas discoverymay be 0.5-3 tcf gross ard could be bookad n 2OOg ollowinginterpretalionf the new 3D seismicdata.

Angola: At thisstage here s stillbig uncertainty n the 2009drillingprogramme-Currently here s no E&A rigf^o-.-2-010.here are two explorationcommitmentwells to be drilled and plrtners do not want to drilt them in2009; it may be possible to negotiatoout of at least one of these wells. burrdntly bolh prospectsare immature.There is the Possibilityof drilling a Tebe explorationwell (low risk brn imited gross volurnei 3G60mmboe).Awofkshop is plannedwith Partners o attempt o resolvesome of the rig scheJule issus.The 2009 fonvaid non-op ILXprogrammes down o 2 wells or c. $30m nel spend.Egypt:The Gulfof Suez ILXwell NG366will spud n May. The Nile DeltaHodoawell will spud on Nov 1 at fheearlist.Canada:The current2009 plan s $4.5m or base i nestudies; hi swould rise o g19.5mif we signeda JOA withExxon no t he plan)or g12.8m f a third partnerwa s brought n.Libya:Long ead tem costs or 2010 drilling re now g18m-There s a possibility f bringing orwardanotherg1 _2m from 2010 into 2009.UK: The Tesla farnr"in ollow-up o the Culzean discoverphas spudded. $2m is needed for long lead items forth e 2010 West of Shetland ommilmentwell.^C9lo^qoia:3m for long ead items for 2010 drilling; his 2009 spend is conlingent on a Forum decision n July2009 following review of Magdalena Cone prospectivity.GoM: Thorseth requested.extrecapex to increaseBP's Wl in Rutile(bigger Wl gives a bigger capex challenge nf!10), $oc-gsin (CVX willing to farm-down S-10%at a 2:1 promote;an outside chance ofi009 votumes)aridMacondo(09 vdume possibility).Daly stated that 7090was plentyWl in Macondo butwas interestod n more Wlin Moccasin increasingWl by 5-10%wouldcost Bp $1&20m.Thorselh stated that Moccasin Pg is the #2 prospect n GoM after Tiber; lhe prognosis is for rFS Cp visoosityoil(like Jack) and could be developed with 15k echnology.The GoM SPU has ustlonfirmed a commitment o thePg strategy ollo,vinga revie\,vwith AGl.Forum debatadwtiether BP should farmdown in the Macondo ILX prospec!MCD requested Thorseth farmdovm to BP Wl In Macondo of c.7O% hrough a deal wlth LLOG or Noblewhlch would reduce BP's cost erposure and cteate an allgned partnershlp.Forum suppoiled an Incrcase In coM explorailon drlilng capltat trom $26Smto $2ZSmto allow coM tonegotlate Increased equlty In the Moccasln wetl (something llke 5% at 2 lor 1 or 10.hat.l.S for t).lndia CBM: g10m exposureon India CBM appraisalspend - budgetof $21m assumeda farm_outof 50% on a$42m gross programme,but havE slowEdactivity o mitigate $11fr of thg increaso.

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CONFIDENTIAL2009$ miilion ExptoraltonniltngGFo one MarGFo APrilForum DeltacilscllssronGulfof MexicoCanadaBUAngolaLibya

EgvptAustraliaNorth SeaColombia

1( 1 )

300 265 2673 7 5 579 79 7819 1 9 1983 55 557 5 521 23 264 3 3Total SPUS 550 454 457 32009LeaseCapexThecurrent rojectedpend sg91mvs. a 2009budget f $100m. pendo date s $78m n coM whichwillreduceo $60m fAMlsareExercised,nd$38m n Egyptwhichwill educeo $31mf Shell arms-inor 33.306Wl in Block .Completionf thEJordanaccesswould equire c. $20msignatureonus Dalystated hiswouldnot comeoutof heexploralionudget.Blankenshiptatedhat, n heevent fWillK success, 6 eases f nterest ould eavailablen heAugust2009 ease ale. t was ikely hat he Augustease alewouldbe relativelyol,v y orDWX c.$5mspena).A proposed gyptGulfof SuezSE July icencEarm-inwouldcostg0.5m.Theblock s underexploredeoauseof its ocation enealh hippinganes.Seismic atacan be acquired nddevialed rillingspossiblen partsoftheblock.Forumsupported pending 0,5mo farm-ln o thegypt GoSS,E. uty icence; nlrtuturespend scontingenton demonstratlnghe qualltyof the opportunlty.2009Write-Off2009write-offs on arget.Themainwatch-lisl isksarewrite-offs f PumaandCorlezBank n GoMand c.$40m n Kizomba hase nAngola.

2009CostsMarchGFO otalcostsare$499m ersusa CIPplanof $480m. he$499migurehas isen o$SO2mollowingincorPorationf+$13m or ndus eismic cquisition ndprocessing,$8.SmCentral eamcostsand $o.gm 6rUK seismiomiE-allocation.orum eviewedhe costbudget y SpU:GoM:G&GOthercouldbe redlrcedrom$79m o $23m.Canada: eismic ostswill bereduced y$6.5mo $58.6m -$4mGRASP undting,$2mslippage f seismicprocessingnto2010,+90;5m flag essel, $1,0m ccruals).Angola: o ohangosAzerbaiian Turkmenisldn:urrently 3.8m Azerbaijan)lus$3.4mheld n RussiaGFO orTurkmenislanactivity.Actlon: Martln lllngworthand GregRlley o revlewTurkmenlstanG&GOthercosts anddetermlnewhether hey shoutdbe re.classlfledas new buslnessdvelopmentNorth. frica:.Algeri-a99esnot nclude ny budgetor any2009 icenceouhdactivity. ibyaat $132.5mwithpossibleavings f-$2-3rnwith hroughual costnegotiationsithCGG,onboardroceising.TheWesternGecoonshore ibya ontractwill ave o b ra.tendered.Egypt: ossibilityo reduce roposed ahematOBc acquisitiony $6.5mf a farm-out anbEachieved. hereare additional olossus rocessingostsof $3.5mat BP 100%.Theres lowconfidencen thecurrentGFOG&GOther igureof $14.2m 2008 igurewas916.3m.Australia: elsmicS4.5morCeduna D selsmlc lus$0.5mG&GOther.Indonesia:9.5m orWestBerau eismio rogramme lus$6mG&Gother includinghe North uafuraJSA).Vietnam: 0.1m orBlock06.1seismic eprocessing.NorthSa: 90.9mor seismicmis-allocation;1.2mor G&GOtherMEP:+$13mor Indus ismic cquisition ndprocessingincrasedcopeandno arm-out etachievd).Central eam:$5.5m eismic pendon US andGreenlandD sEbmic lus$2SmG&GOlher.

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The total cost savingwa s $24m givinga total spendof $478m below he $480mplan.The main upwardpressure n this igurewill come rom EgyptG&G Other,AngolaG&G creditand GoM DG Xseismic acquisition.Tho main option to reducewill come il w can r-coup costs frorh th Indus 3D seismicprogramme.Given the historic rend for Cosls to be over-estimaled, here will likely be space to purchase$3.9m of S. Atlanticregional D seismicdata.The following nterventions n the 2009 GFO were agreed:GoM - reduce G&G other by $6m to $73m by ruthlessmanagement of lease rentals and P&O costs.Canada - reduce G&G seismic by $6m to $59m reflecting hat the GRASP penaltywill not be applied and someprocessing pendwill slip nlo 2010-Libya reduceG&G seismicby $9m to $128.5m efleclinghe decisionnot mplement 4 hour shoolingonshore.Egypt reduceG&G seismicby $3m to $7 m as Rahamatseiimic spend s to be farmedou t but Polaris eismicprocessingwill be at BP 100%.North Sea - reduceG& G seismicby $0.9m o $0.6m Skaw seismicwas misallocatedn the March GFO).Renewal: Forum supported purchase of the proposed$3.9m of 2D regional seismic data in the S. Atlantic.

' includes SA X ffiffiffiffiffiffiPlan ilffiGoMDeepGasReview Blankenship)Blankenshipeviewodrogressn heevaluationftheGoMDeep.gaslay. here re our otentiallayslarglyocated n the GoMshelfwith easeivesof 5 years.Forum oted he Oligoceng laywasvery mmaturoat hisstage.Thedeepgas easeportiolio as recently een ationalizedn hebasisof aplay anking; 9 easeswErerelinquishedaving$1.1mn rental osts n 2009.Manyof the Paleocene/Eoceneeepgas eases xpire n2009;wemaybe abl o holdsome or up o 3yearswithseismiceprocessingrojectsfunded ia Ecopelroldeal) thereare ssueswith hequality f seismicmqing.Rprocesslngas n progress verMiocen rospcGBigBethel).EPTare undertaking GapAnalysis n the echnologyeeds o develop DeepGasdiscoveryn caseofsuccesse.9.upsizedubirEand 25kpsi re6s).At the moment, Edo nothave he echnologyo DSTanyWllK discorieryBlankenshipssertedhatDeepGas F&Doosts ouldb as owas $12lboe. orumohallengedhisnumber sfeeling ow for nstance, rewe buildingn he costoJ ikelyHPHT ompletionailures?The onivardxplorationlanassumesBP netwellcostsof$60mwith BPat a 60%equityanda promoted 0%cost.Pacesuggestedhatmoreprospects erenot he answer t hisstage the ocusshould e on understandingthe Will K results ndho!v, n a success as, hese ilds ouldbe developed.We need o holdourWillK arealeasepcition whilstwe understandhe Wll K results.

MarGFO April ForumotscusS|onCanadaBUTrinidadAngolaAzetbatanAlgeriaLibyaEsvptRussia ffshoreAushalia'ndonasiaVialnamNorth SeaCentral Team'Brazl

64.6 58.6 (6.0)1.0 1.03.3 3.31.5 1.5137.5 128.510.0 7.0,1.5 4.55.0 5.09.5 9.50.1 0.11.5 0.615.0 23.40.5 0.5

MarGFo ryril FoPm Dettaotscu33tm11.4 11.44.0 4"00.3 6.33.8 3. 80.4 0.429.2 29.214.2 14.24.0 4.04.0 4.06.0 6.01.2 1.229.0 29.00.5 0.5

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Piggott tated hat nhis view heMiocene as he owest iskptay:Tiberwouldprovide Cretaceousatapoint.The eam ocusat thisstage houtd eg5%on hepaleogeneand Miocene lays.ActionBlankenshipo revlewDeep as developmentostsat he July 2009Forum.Forumdid notsupport he proposalo purchase 6mof PSDM D seismlcdata n 2009 f theWiltK wellls successtul.End 2008 Prospect Inventory (Leach)BP'send2008net Pl s flat onend2008at Sbnboe na like-for-tikeasis.Newaccess GoM,Beaufort)additions avebeenbalanced y ossesromexits, evisions drill-out. hemain ossei were hrough rill-outin Algeria, zerbaijan, oM,Egypt,hrough evisionsn Algeria Bourarhet), zerbaijanlnam eadsi and GoMand hrough isposalsnVietnam ndGoM.Themain ainswere hrough cquisitionf new easesn GoM&CanadaBeaufort Ea:Historically,oMhave ubmifted rillut andnotPl. OtherSPUs eportPl asdislinct romDrill-out thecomparisont Pl anddrill-out rovides seful nsightsnto hescaleof investmentn dritling nd newaccess.The otalBPPl will ncreaseo >9.ObnboehenGoMpl is ncludednstead f Drill-out.By comparison ith he ldealPl' of 12bnboe,he currentotalPl remains elowouraspirations.heplayTestPl is nearoptimal-successn.naw.playstswillunderpinuturegrovvthn sector -2 pl. However, iven hEcontinued rill-out nd nevitableelinquishmentf licencEs, eneld to continueo accessNEwplaf & Sector1-2 nventory.ActlonGoMPULS: eflnewhat s the reat evelof pl tn he GoM.2009-201 Drill-Out (Leach)Withcontinuedccessn current asins& successn newPlayTests, he current ortfolio ouldgenerate rillingCapexnveslmentptions f >$1bn/yr+01G15. hiswould rovidehebasis or anannual rilling apexbudgetncreaseo theplanshapeof $900m]n9 n-e9Oor drillable rospectsromRenewal ccess ecomesncrasinglymportant 016+; arlierf playtests ail.The PIDO ortfolio ouldprovidehe basis orsustainingurrentevels f soismicactivity 01G2013 withsome ension round he balance f spendbetween orex,PlayTesls& Renewal cceis n henear ermgivenplay est successn Libya ndColombia. urther eismic nvestmentpportunitieseed o be dentified ndaccessed y2014 ( afall n drill-out ptions 016+ s to be avoidedThe G&GOtheroptionsoll-up hows rowlh rom$200m o c.$230m 010-2014 ith headdition f newlgnewalaccess ptions ndsomegroMh n GoMheadcount120=>138) lease entals $24=>936r"r..CS). n the ong erm,we willneed o manageG&GOlhor n areasof deolining eliveryo makespace or newprojgctsn newareas.The currentPIDOoption et s missingmajor ollow-on rojectsom nawplay estsuccessLibya,Colombia).The PIDOoption ethas he potentialo deliver>1OO0mmbo/yearrill-outo 2016based na drillingCapexof>$1 n/yarogetherwithcontinuedewaccessn existing asins, uccessn currentPlayTstsand urtherNewPlayaccess. ith NewPlaysuccess,herewill besignificantensionn ddllinE apei - Evenwithanincreaseo $900m/year.nparticular,n the evdof ILX undinghigherDiscovery osVboe) ndour abilityoinvestn newRenewal ccess pportunities.Takinghe oplion et hrough DrillingCapoxmodel latat $600m eliversSO0mmboe/yriscoveredesourcs(assuming P unded nly therewoutdbe upsiderom arming-out nfunded ptions). hiscaseassumesacUYitylat on2007/08evdsat -18 grossBP undedwells/yr.WithDdllirgCapexncreasedo $900m/year,heoption ct delivers 50mmbodyr;his assumcs ctivity rourso xl.5 2OOtlOgevcls -27 grossBP undadwells/yr). heconclusion ouldbe hat,given heoption etwe havebefore s, wenLeOo participaten morewells f discovEredolumes re o iisgyearonyear.Themajor eohnologyhemes.are eeprater,HPHT rilling nd biogenic as.Significantrcticproduction oesnot-kickn untilbeyond 030due o the expectedong ead ima equiredn explorationndappraisal riliing ndproject xecution.The$900mdrillingCapex asecoulddeliver 5Ommboe,/yriscoveriesndup o l mmboepd etproductiony2030.BP'snetproductioniom currentBase,Wedge& MajorProject egins eclinen ZOiA; f tne aspirationsto sustain rowth, production apof 2.Smmboepdpensby2030.Explorationuccess anmakea iignificantcontributiono filling.theap lmmboepd,but additionalesouroeocesswill bo required. he onrerhJdeliveryfromexploralionctivityn he short erm, he aigergap hat needso be filledbyother esourc ccessn themdium-longrm.PIDO Lessons Learnt (Leach)

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CONFIDENTIALThe input to the PIDO exercise s getting more realistic. t nol providesa summation of BP's exploralionopportunity et. Discovery olumes& costscan be risked,bu t he imingof events s fixedand a big driver onprogramshapeand needs o be carefully onsidered as such, he riskedPIDO roll-up s not a P50 plan.The key challenges o doing PIDO well are: 1). ealistic rediclion f pac6& volume2). Properlymanaging he'end game' n terms of matching pend o declining elivery, ). Estimatinghe Co S of delivering he scaleofYTF resources redicted n new play ests,an d4) . Gettinga realistic robability timingof new access.Whilst statisttcal verviews f PIDOdo providensighton the shape& size of he optionset, he biggeslvaluecomes from a bottoms-up nterrogationof the option set.

Wednesdav 29th Aoril2010-2012 eismic & Drilling Options Review(Leach, ttingworth)ThePIDO ption et or2010hasa total apexoll-up f$1 177m elivering342mmboisked rill-outheseismicoll'ups $439m.Forum eviewedhe201&2012 eismic nddrilling rogrammeptions s submittedthroughForurn n an SPUby SPUbasis seeAppendices and2)-GoMDWX:haplan s o est hesixmini-basinocus reas hrough012andcompletehekeyPgplay osts.Theonlyprospects ith ioonce xpiryssues reRutile ndMoccasin. omedeflations nowbeing een nGoMspecacquisitionosts;processingostsarestayinglat.PSCMs building set of acquisitionndprocessingostbenchmarks.GoMDeepGas: he baseplan emains back-to-backrogrammef 1 wellperyear,startingwilha Mioceneprospecles t BigBethel?)o spud n 2010. heprogrammes contingentn he esults f heWillK well;weneed oget hedata rom heBlackbeardel ldeepening.EgyptNileDelta: heproposed rogramme as eshapedo malch he realities f current artner ENl)alignment.dm deepeningould ikely lip.Drillingn hs recntlycquiredeases ould tart n 2012.Action:GuderJahno getColossus eady o drilt n 2011with heopportunityor BP o sole lsk.Actlon:Guderiahno provideLeach/lllingworthlth a revised orecast f capex nd drill

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Pakistan Indus: in January 2010 we will have seen and interpreted he 3O seismic datiaand fulfilled ourcommitments- we will be able to walk away or choose o drill a well. This will be a discussion tem for theOctober2009 Forum.Greenland Baffin Bay new access option: seismic acquisitionmay take place in 2010. Piggott ndicated hat wereBP to participate,w6 would need a partner - Maersk or Aker could provide a good local opportunity. Daly statedthat these two companies were not ncessarily he rightsolution- we should consider whether we need astrategicparlnershipor the arctic Action: Plggott).Trinidad: Forum continuesto support $1m/year seismic spend and $5m G&G Other - Forum requested somechallange s neededon th e valueof this nveslmnt Actlon: Geoff Hlll to vlslt Trlnldad and challenge theseongoing costs).UK: Action lllingworth o invite Simon Hendry to the July Forum to review the recent UK exploration success andreview lhe forward programmeoptions.The Forum reviewed capex case for 2010 was a Firm oplion set of $657m with contingent options totaling$344m.The eismiccase or 2010 was a Firm optionse l of $155mwith contingent ptionsof 9242m.Daly indicated hat a drilling capex of $650m in 2010 is a minimum - there are quality opportunitieswe would liketo investabovo his level.The optionse t will be discussedagain n July o creale a plan or 2010.

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Thursdav 30thAprilSafetyMomentsThere ave een oExplorationIPOsn 1Q2009.Western eophysicalashada atatatyna spec. unreynthe GoM and Peter Carragherwill 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 (SteveChappelt)Chappell reviewedthe statistics associaledwith stair accidentsgenerally.A baseline study on adherence o thestaircod n th Westlakeoffices dentified aps n staffbohaviours. programme f awarensssan d rainingofthe slair code is in place to improve adherence o the stair code.Bob Palmer rig satety campaign (Blankenship)Will K well safety prformance ncludes4 recordableand 11 first aid cases. The rig leadership developed an 11point plan to improve safety - now 6 months since the last recordableaccident.Ali people on a rig - includingother contractorsand BP slaff need to comply with the rig;ssafety management syitem. We need o ensure thalall rig contracb conform lo BP's safety standards.Libyaonshore nd oftshore eismic cquisition earlyproducts pace)OnshorDsurvey crew ave_cquired230 qkmwith ecordroductivitiesf up o13,000Vp's/dayslngthe IndependentSimultaneousSweeps (lSS) technique.Early processeddata suggests he presenceoiprospeclivestructuralbends.Oftshore 3D survey - the second of four tranches has ust been completed.Several large structuralculminationsare 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 nd eam presentad he newlyacquired ogs over he Will K targetsection.Blankenship uggestedthat lhe penetrated arget sectionwas not the inverted mini-basinexpectedand that there was a neod for aregional e-think.Given he mprovedsand shows owards he baseof the well, he decisionwa s now whether oTD the well now or deepen - with or without a liner.Paleogene Review (Segal)Lauren Segal presentedForum with an overview of the current thinkingon the Kaskida paleogenediscoveryasrecently reviewed with AGl. The outcome of the meeting with AGI was that the Paleogeneshould be consid-eredas a segmnt renewalopportunity i.e.no t us t GoM).Fieldappraisal ow needsdynimic data.A field est trial is proposed or 2o1ol1 1 (c. $150mfor a iiEtl and $150m for thg test) which could be followed byan early development oplion that could be NPV neutral at $50/bblwith end E, A & tj cost of g2Ct/bbl. here weiefewer technologychallenges han had been previously hought - existing 15k kees and sub-sea systemscouldbe used. This projectwould expect to recovery only 5.470 ecoveryvia piimary depletion.Wrap-UpThErewas recommandationhe January orum houldbehald nHouston otLondono avoidanvweatherdisruption.Net neetingsouldbe usedmore o informForummembers fproiecls nd reeup im6 or key ac-lo-facediscussions t Forum lllingworthgreed utsuggestedt was up o pULs omakE he call.CarragheruggeEted aceshould onsider 2010option o shooturther3D(MM?) offshore ibya, f thersults f ha irstsurvey onlinueo impress, iven he imaavsilaHowithin he icence erm.Forumalsoencouraged lyne o consider deal oraccesso DBDIO nly i.e.notbundldwith UmidBabek).

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Appendixl:ForumReviewed OIO-2012riltingOptions:2olGl0r2 Drllltn@c@.nr ueE [los rrryrca Er|h, ar*d

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Appendix 2: Forum Reviewed2010-2012 eismicOptions:CONFIDENTIAL

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Exploration Forum October12th o f Sth 009,The VinevardAttendees InviteesMikeDalyDaveRaineyPeter CanagherBo bAllanPaulClyneChuckGuderjahnGeoffHillDoug HillSpencerHoweMartin llingworthLiz JolleyHowardLeachJens PaceNll PiggottScoft SigurdsonJa y ThorsethRebeccaWilesCindyYeildingSteveChappell

Head ol Exploration& AccessGoMXVP Geoscienceand ExplorationAngolaAzerbaijanEgyptXXAsia-PacifcNAGHead of FinanceCanadaNorth AfricaNorth AfricaXRD&C FunctionGoMXAngolaGoMXStrategy& Performance

Dave DaltonGreg RileyCarolineWhorlowAzu JavadovaChere6 StoverBarnabyRoomeGermanMolinaDave CookAndrew LewisJohn OliverBruno DavidAl BentAl FraserChris SimmonsAndreiBelopolsky

VP Global nconventionalResources

AzerbaiianAzerbaijanAzerbaijanNorthAfricaNorthAfricaNorthAfricaRussiaRussiaXRXRXRNorh AfricaNorthAfricaNorthAfrica

Mondav12thOctoberHSSEPaulClyne ed a discussionn the DadaGorgudatality hichoccurred uring routinelifling perationo ransfer coilof waste rill ine rom hedeck oa skip.Five rewmemberswere nvolvedn the liftwhichwas the first'faskof the night-shifteckcrew.Duringheoperation,he roustaboutnd banksmanecame ntangleJn the tagline. he banksmanwasdropped ack o the deckbut heroustaboutMirza)wes carried verboard eforebeingreleased.heMOBprocedures.ereput nplacemmediatelyncludinghedeploymentf if6ringsand ackets.However,Miraawas unresponsive.escue raftwlre oeployeorom heBakisupplyvesselwithin our minutes.Miza wasrecoveredrom he watei aftersixty-fourminutes ut esuscitationttempts ereunsuccessful.Key indings:r Craneivasmechanicallyoundandcorecflymaintainedr Crewwere rained ndcompetencyssessedn heir oles. Loadwasproperly repared' The ifl had not beenautfiorisedy the night-shiftoreman he wasunarvaret wastakingplace' Pre-job afetydiscussion ascursory' The ag ine 22')was oo ong or he ob' Procedures ere not followed roustaboutndbanksman ut themselvesn harmsway)Paulnoted hat hat the AZSPUhad determinedeveralessonsearned: outines ourenemy,heneed or mproved eterminationndcommunicationf lifrsafetyboundaries,heuse and lengthof tag lines, he fiequency f engagement f supervisors-in r+job safetymeetings nd the need for improvedassurance f BP-Contraciorridgingdocumentsoensure ompliance.ensPacesuggestedhe ncident asa result f poor ompliance ithTransoceanafetypoliciesather hanpoorpolicy r bridging. ebecca-notedhi (notbeingable o swim) ongruenceetweenhis ncident nd heWG boat ransferatality iscussedt

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the July Forumand asked.. hat, as a company,we shourddo regarding wimmingcompetencyormarine perations.Round TableGoM JayThorseth tatedhat he22" casinghadbeen nstalled n Macondo ith rhewell9n 99[to completen December.owever,h! Tucker el lwasstalled ue o problems iththe Bo-P.With regardo farming-outnterestn Macondo, e have eceivedwo offers romMitsui 570 n a 2 fot 1 basisbut maywanla further15-2}o/olnd romAnadarko2oo/on al-!-ior t basis)"n termsof the after,we havecountered ith he requiremento includeAPC'snterestsnGila,KoelschndGouda;APC fiered ackheirTib;;lli&s. aottomineis thatwe areheadingor a 65-7o0/oost nterestn Macondo,everajing ui cunent nterestto swapntoquality gacreage.CindyYeilding oted hatwe aie stillwaitingon confirmationrom he MMSon the awardoftheWestern aleblocks.qg.ypt ChuckGuderjahn oted hat NorthBurtocalwas withina weekof targetwithgooddrilling erformancen he Rudeis. G366-1ailed,heNubia as170'deepo rognosijanowet.W9hlt a good ocation ithcross-faulteal he most ikelyaituremdOe.'Surlr6ingtysmalloi l eghasbeenencounteredn he 03 sequencenSatii.3whichwasover-pressuredrelativeo Satis-1 y-700psi;the echnicaleamiareworkingo understandne:inipli-rations:J.f.l^:,y ":t^1i::g-'l:q)^Tggurce.and appraisatkatesy. ie immediatt rin is ti deepenInewell o penetratehe06 (theoriginal el lplanandFM ncludedrillingo the06 but hewellwas ater e-scopedo reduce ostandcomplexity).Angola Bob Allannoted hat cesio Deeilrad spudded,he target s the cretaceousMucanza ormation.n Block15,gascondensateasbeendiscoveredn theAquitaniannKakochaDeep; initial view is that volumesare limited. XoM are currenHyworkingcommerciality.ulipas unlikelyo spud hisyear.!a.1ada Liz_Jolleyoted he terrificsuccessassociated ith the pokaksurvey, he teamdeliveredxcellent overage1488 inekm 2Dand1576sqkm3D)beb; bGer anowithnoHSSE ncidents.The firsl post-stack atiaset ii oue in' December.i, no:t"osome keylearningor he future n terms.ofhe need or ce-pusherupport essel"ixOfti1idnot havethese)and that the ice conditions hange apibty.we hive arsoeniorei ro."r upprvGompaniesndGCGVas an arctio apable peiatoi.JensPaceasked f we hadmaximiieithe useof ouroperations indow. iz iepliedhatwe n"u" .rroitn" pio.p""ti"'"r"" and hatthe vesselwasnot capable f shoolingn ess hans0, ofwaterdu" io pi*iiv" pingoslThe statusof the JV with xoM was discussed; z recallecrhat earlyh 2oo9xoM hadapproached P Mth a W nr9ryg.alwith two key areasof concern ol Bp::i) XoM woulJgpgtuluttferefop control) nd i) that he firstweilwoutdbe in shafiowwater. tecengy,hetechnicaleam has come o the opinion hat our acreages better; hereare signiR'cantconcems_onopsealcapacityor prospectsn theXoM adreage, e have nore argletsndcredibleDHls'Lizstated hatMikeDalyhadconveyed ut ateit echnical iew o Rn-Oynftisin the contextof the cross-convey.ancetructure operatorship"no "qritv portions;. ioyunderstands!?t we mightbe handing vervalueuui rras_oete'rmined;t,'a;-Bp is'alreaovheavily ommilted lsewhere, eshouldproceedwith heSOISOross-conv"y"n."withXoMas operator. e wouldneed!o managehe control isk hroughhe JoA

"n'a"rp*rr"ii.i

llTpsh {arryro9w.1cvX an! othershave expressednteresr-inoM's acreage)-Rebeccawiles askedwhether,y nor.operating, .e.were puilingourserveJitl oraivintage withPspect o operating therarcticventures. izrepliddhatwe shouldbe able c use he JoA!9ry-uag9o maxlmiseearnlng nd noted hat o'peratng e aeaufortno CnuXcni ould ieXoMand.shell.dorvn,ffording s opportunitytsLwnereiizalsonoteo rit tne'ticenceouldbe brought ndera single ermso nd pressrires offXoM o commito a wefilocationn2009- we have ime to trade he seismico inform he way fonrvard.ens pact ""k;J'r ;;conveyanceouldmeana oint eam Liz houghthispossible.

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DaveRainey sked bout hase ncertainty,ndwhether aswouldbe a failure. izstatedthat he eamhasbuilta new basinmodelwhich uggesls il prospectsependentn fetchcells; owever, edon'thavea reliableandle n heat low.GeoffHillstated heDHlswereambiguousith especto phase rediction.AsiaPacific DougHillnoted hatMitsui adpaida 2 iot 1 promoteor a 17o/onterestn heWestPapua locks. P's nterest ouldbe 32% thedeal s close o closure.On rack oinformScorpio ecisionn 2010;haveacquired pecandproprietaryD. Only he centralblocks f hose ominaledy BP n 2008were eleasedn 2009; herefore e arenominatinga further ix blocksor201 icensing.heres noobligationn henomineeo bid.RebeccaWiles skedwho hecompetitions. Doug espondedhatwe havebeenapproachedy bothWoodside ndShellwitha view o potentialointbidding. ei lPiggott oted hat hedeliveryof finalseismic roductsn sixweeks eft ittle ime o prepareor an XX reviewn Deceinber;it was suggestedhat the Decemberisitcould ake he form of a workshop ith a finalstrategicecisionn a way orward ndbid n early 010.Renewal akistan Neil Piggott tated hat he Indus eviewhas been delayed o theFebruary 010Forum. hePSTMdataarrivedate.TheDeepMioceneooks ike he onlyviable lay.Blocks xpireSeptember010, oing ntophase carries wellcommitment.RebeccaWilesaskedwhat happenedo the hedge und.Neil eplied hat MikeDalyhaddeterminedhat heywouldnot bea suitable artnerhenceForumwouldneed o cover he2009 evex espiteheearlier ecisiono do seismic tzero ost).RenewalGreenland Baffin NeilPiggott ut orward requestor $2.1m evex o improvedata overagereduce Dgridsize rom60x60kmo30x30km)head f201 licenceound.Neil eportedhatwe haveengagedMaerskollowinghe JulyForum ecisi on nd hat heseismic ould lsoenablehepartnership.ei lalsoproposedpending0.35m n heTGSdropcorestudy.GeoffHillsummarizedhe recent X review: ig structuresnd oil seeps(goodbottom p story)but seismic overagenadequateo bid.Lease ale s May2010.Approvalfthe evex equestwaseferredntil he2009 pend iscussionn Thursday-Renewalndia NeilPiggott tatedhat, n erms f ofbhore astcoast,DO Dhirubhaiield)is the keyblock n he Krishna odavariasin.BP s n BlockD17withReliance.heblockcontainshreepotential lap: a.Miocene-Plioieneiogenic as onlapplay,a Cretaceousonlapplayanda Cretaceousnversionlay..Vr'eavea commitmento shoot D andalsocover the blockwith 3D. The best way forward s to shoot a sub-regionalD grid tounderstandhe rapedges. he egulators happyhiswould ulfill he2D commitmentutwewouldneed o proceed na non-proprietaryasis.Neilproposedhatwe under-write multi-client urveyn20'10; Pspendwould e$2mwith hepotentialo reducehisas hedata repurchasedyothers. hechance f ollowingpwitha 3Dsurvey$8m)n2010 s50%.DaveRainey skedwhatwouldbe he mplicationsf walking waynow.Neilstated hal wewouldneecl o meet he financial ornmilmenlnd hatwalkingawaycouldpotentiallyarmour elationshlpithRellancet a tlmewhenwe are ookingo build material osition. 17was ntendedo be he vehicleo get ntoD6,however,t is nowclear hat(any)accesswillbe via purchase.Cardinal'provideshe 'singledeal' route o a material ositionn the KGBasin n termsof reserves ndproductionut explorationpsidewouldbe requiredo createvaluebeyond he premiumpaid(discoveredndevelopednd exploration otentialwithinBlockDo s -20 tcf).Thesaleof 50o/of Dhirubhai-$6bn) s in imbopending decisiononthegas pricedispute) y the supremeGourtwhich s due bythe end of 2009 Neil's iew sthat his iming s unlikelyo be met).Highequityn Reliance's lockD3wouldalsodelivermaterialily.In ermsof ONGC ngagement, lock98/2 located etween locksDGand D3)provideshemostmaterial pportunity.he block ieswithinCCRS reenor biogenic asbut o dateonly3 sub-commercialiscoveries avebeenmade.Explorationotentials estimated t 6 tci.Petrobras re looklng o exi t the blockwhlch mayprovldean accessopportunityt thelrinterests puton the market.Block98/3 n theMahanadi eltas not consideredf sufficientmaterialityo standalonealthought couldbe valuable s an ncrementoa material usinessin heKGBasin).

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Peter arragherotedhatwewould otwant o paymobilizationoston he2D_Action:checkwith seismiccontractorso determinef anywill haveboats n the areain 201 I 2011 PeterCarragher.FrOGtech and Neftex - NeitpiggottNellgavea presentationegardingroctechandNeftexn terms f:what heydo,Bp usagestrategy, rojects nd spendo date,concernsissues nd heway orward-Bothsupplierswork in the bottomof the explorationriangle;Froctech work structuretectonics ndNefiex tratigraphy.FrOGtech havecornpletedineprojectswitha project n he MiddleEastcurrent nd hreeqro_p_osedEastAfrica non-proprietary), southeinSouthAmericaand he US WestCoast).FrOGtechas considerablelobal xperience;roject urations - sixmonths. ore nputdalacomprise: otentialield data,digitalelevation uatnyrnetryata,surfacegeologyandLandsat. ery ew seismic ataused.Keyproducts re basin hickness nd ectonic leirentsmaps ompiled ithin SEEBASE odel.BP's fategyhasbeen o useFroctechas a greatBaseof Triangle'uilding lock orareasof renewal ocuswhereBP has limiteddatasetor knowledge experienie-FrOGtechsusually quickwayup the earning urveandoftenoffersa su-periorntegrated orkflow ndmore global experiencehan non-seismic ontractor ompetitors6.9. Getech,ARK,Longacre,ndPindell). rOGtechshighutilityin reas fcomplex'balkiniiedolitics,whereseismic ermissionsre oughandpotentiai-fieldataare rbadily vailable. owever, nexclusiveelationships notgood orprices healthof choices e.g.neArctic,SouthAflanticandMexico Caribbeannd egionalong-recordD reflectionndrefractionataarestill hegoldstandardordeptho basementncl rustalyping.To dateusage as ocused nonshore rojeclsonlyuseoffshore here eismic annot eshot orpolitical r environmental.reasons.g. he Eastcoastocs andoffshorechina).wehave ended ot o use ndata ichenvironmentsue o concerns round nowledgeeakage(toother ubscribers).otal pend ince 003 s$3.3m-$0.5m a).Proposed ay forwardwith FroGtech the following rojects ave beenproposed nd arecontingentEast Africa (on_dglaoom visits),US west coast (on conax cbttyand southAmerica 9n support romPAE or funding'and ata)-A cential Europe ption s beingconsideredy heResource ocessTeam.Nefiex.- {o]/ige (non-seismic)tratigraphicramework nd mappingservices; taffedbyseveral x-BP olkwhoproduce ighgualityBP amiliar roducts uchas GDEsandchrono-stratigraphic harts. Neftex offer variousmodulesby reglon,Bp has macteselectivepurchases hereas hell,BG, cop-and statoil-Hydroie gtdual ubscribers$6mpa each).lo d9te,BP has spent$1.7m(-$0.4m pa) on the NorthAfrioa,MiddleEastanctcentralAmericaegions.BP's strategyhas been o use Neflex:as a rapidway to buildmega+egionattratigraphicframeworkn regions ew o BP wherewe arewithoutood existingata,Tnareasof poliiicalcomplexity hereborders roesgeologic oundariesnd n areas ith disorganisedell andstratigraphicatasets.Goodproductsor the MiddleEastand NorthAfri&, the qualityofCentralAmericas inferior. oncernswith Neftex nclude:ack of seismicOita to constraininterpretations,an be modeldrivenand the contractualonstruct restrictive, lndingandexpensivefFurthermore,ll data has to be retumeduponunsubsciibing;he NorthAfricaSPU s about o test hisprocedure.A key developmentor Neftex oing orwards thedevelopmentf a geodynamic odulehatwill enable he building inArcGlS)of reconstructedDE; on anaciepted ndustry-standard(plate econstruction)ase Stampfli Hall Scotese).nitial ponsor ritingwill be$0,35m.

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P,roposeday orward ithNeftex do notsubscribe lobally, nsubscribeo NorthAfrica(BP.mega-regionalllas_issuperior), llowCentralAmerica o lapse n 2010 pindellrelationship), onsider central Europe and china as potentiil subscriptionsorunconventionalesourcesndconsiderubscribingogeodynamicodule.DaveRainey tated hat he storyandstrategyegarding roGtech nd Neftex re clear;supportor subscriptiono thegeodynamic odule asgranted. owever, aveexpressedconcern ver he ackof seismicntegrationbothsuppliers) nd he coniractualonstruct(Neftex). ave tatedhatwe shouldnvolveegal n iire Oitigencen tneNortnAfrica x1and PSCM n the Neftexcontraclncluding rocurement f the geodynamicmodulesubscription.heagreementhould llowBP o combine oth he Neitexnd Bp derivedGDEs ver he econstructions.Action:complete uediligence n BP'sNorthAfricamega-regionalflas o ensure t issufficiently ifferentromNeftex o be Bp's property Jenspice.Action: engage Bob Moore (pscM) in Neftex contract and geodynamicmodutesubscription PeterCarragherand ei lpiggott.Egypt: update on licence activity - ChuckGuderjahnGOS Chuckdentifiedheaccess pportunitieshich omprise:heEGpC northGOS) ndGanopesouthGOSonshore ndoffshore)icenceounds nd several;armiin pportunities.N^otecommendingny explorationccess,he seabird'block 7 wellsdrilledwithclaimed400mmboiscovered)n hesouthGos representsdevelopmentedaccess pportunity.NileDelta Chuck utlined ixpotential pportunities.heWestBaftim lock IEOC0O%)representshebest pportunity.heblock xpiresune2011andal lcommitmentsavebeenmet.Theblock ontainshree rospectshe argest fwhichs Boltiwhichsa basementighYrigstj SatiswithprospectiveO17andyounger) ligocenetratigraphy-olliunderliesheWestBaltim-1 rospectwhich ncounteredleistoceneas buffaibd in the senavallianmain arget ue o a breachedrapat heMessiniannconformity).oltis-1 tcfat moderaterisk, ne hird f heprospectieson Bp'sacreageo he north-ejst.Eoc (ENl)sseeking2 for 1 prornote$100mor 50%o t in the'block).Eoc are acquiringgc data n thesouthern artof heblockwhichmay ndicale pside rospectivity.ianJto waitand eviewtheOBCdatawhenavailable.Nemed 18 monthsefton the concession.hellhasdiscoveredoursmallplioceneandMessinianaspools nd s offeringheir nterest510/o)orcashanda develofmentonus rproductionverride. losing ate s 2ndOctober 009.Shelldrilled deepwell WadiSura)on a.broad asementigh;hewellpenetratedbright mplitudeackage t heSerravallianlevel.The well encounleied 08'of net reservoirn the Senavaitianut was p&A dry withshows.sotoPe ata ndicate.biogenicaswithan ambiguous 2 response t the baseof theSerravallianossiblyndicating.thermogenichargelTheareacbnhinspotentialfylargestruoturesndWadiSurahasde-riskedeservoir resencen hedeeper ection. hesectionis noi over-pressured. ey ssue s sourceefiectivenessfor therm6genh hirge).we willneedbetterseisrnico evaluate s Shell'sdata s poorlymigrated. ioposalslo'wait untilblocks ecome vailablen 2012-NorthHa'py located orthof Blocks and 3 recently ccessed nd icensedo the GujuratStatePetroleum ompany. heoperator as shot3D over he easternportionof lhe blockand.is ocusing nshallow rospectMty.lan is to await heoutcome f t'hisprogramme;heblock ontainsntrigulngeepprospectivity.N El Amyria oftets Raven,2nd erm expires2012,remaining ommitments one well.gulrenlselsmlc ataqualityverypoorso potentials uncertain. ccessdeclsions pendlngbetter ata.Block - greenonoligocene cRS, wasnol bid n 2009 ound absence f structure).

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El Bougaz off airway o no nterest.Burullus lock arm-out awardedn 2005,he inancialommitrnentor all hreephasestoend 2013) s met. However, etention f the block beyond2ol 1 requires two wellcommitment.ahamats on the edgeof comrnerciality,e have been rying o farm-outwithout uccess. hamals the bestundrilled rospect: lioceneLX opportunityntoBG /EGASRosettaacilitiescapacity vailablend,as owned y thegovernment,ariff s costprice).Resourceange s 0.25(upper lopemodel) o 1.0 (shelfedgemodel) cf - newgejgmic atgarrivingn November o hope o reduce olumeuncertainty.ouldbe ready odrill n 2010 and providehe opportunityo solve he PrideNorthAmerica tacked ostexposure.We will neednew (OBC)dataoverRahamato inform heway forwardwhich scurrentlynotn he2010budget. hesecond ommitmentwellould ean appraisal el loneitherRahamat r Shamal. aveRainey tatedhatwe need o demonskatealueand owrisk; he Forum as not approvedLXdrillingn the NileDelta. hedecisiono proceed nShamalmaybe needed efore ebruary01 Forum.2009 capex history - Martin ltingworthMartin tatedhat heendof yeardriltingapital stimates-$350m.History:November008 GFO ero) $600mvs.a roll-up f$660m)January 009 GFO ne) 9500mplan)KeyGFO ero o GFOonechanges:Choices AngolaBSt dells reducediom S o 2, not o drillAmethystn GoM. op delay Hodoa. Nonop delay Helm. Reforecasl UKandprepworkGFOone o now:' choices - defenedAngolacommitmentwell, Macondonot Rutile,not Acaclia,deepenedWill K,Teslanot SouthFarragon

r Nonop delay Angola,AustraliandGoMDrilling erformanceTibergood,NG366-2 oori Reforecast Canada ross-conveyance,isc. redts'Martin bservedhat >$100ms due o non-op elays, largeportion f he remainderies nchoicesand goodperformance.n termsof imprwing noir-opplanning,Martinsuggestedapplylng probabllity f occurrence asedon historlcal ata.RebeccaWilessuggeiieoanalternative tategy of managing o a fixed non-opbudgel. In terms of gooa od[ingperbrmance,ScottSigurdson tated hat D&C were lookingat the issueof well timingpredictlons manywellsare drilledmoreefficientlyhanPmean.Martin uggestedtwouldbeprudent trategyo havea hopper f optionso pull rom n theeventof opportunitiesrisingfromdelays nd ordrilling erformanceheadof plan.Tuesdav 3thOc,toberGoMX update - DaveRalney, ayThorseth ndClndyyelldlngContext Davestated hreemajor milestonesn 2009:we told the anallistswe are dolngKaskida;he GoMsPU hit 500Kbopd eton May2zn and iber. AGI has sked - whatwill ttake to get to 700Kbopd?n response,GoMXhas built a model o createoutcomes e.g.production,apexand resource dditions)rom a rangeof explorationctivityevelsandrangeof playmixes argeted y thatactivity e.g.Miocene iasor palaeogenefocus).There99m191!e{strategys earlyPalaeogenehenMiocene ias'whichcoulct eliverZo0kbopdnet by 2025.Thissoenario ould eguire E&A igsand $Sbncapitalperyeardelivering naverage f 5 majorprojects a.

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Jiber Jaygavea briefupdate n Tiber; esourceanges 540-250-2000mboewith hePA60holdingmostof the volume.ReservoireliveraLilitys expectedo be superioroKaskida; lightly oorer eservoir ualitybut significanttyetter'viscosilytcp tor lTberPalaeocenes. 10.7at Kaskida). udline ressuresreborderline5Kpsi. he-anisotropicPSDM.hasmprovedhe ie o welldataand maging f thesouthwest lank eflectivityndgeometry nd nternal eservoir rchilecture.n addition,he wellappearso havebeenlocatdd losero hecresthanpreviouslyssumed.The ocus s now urningo the ge.ological'appraisal rogrammeimedat reducinghele.Tlrce_ ncertainty.he irst appraisal ell willbe locatedo test he BRV by locatingheowc- secon_darybjectivesnclude:understandingeservoirock, fluid ind preisurevariations.ollow-upptions eyondhe irstappraisal el l nclude: wellat RapibCreek,the southwest lankand hesaddle.We willalsobe acquiringnfillWATS.BoORitan skedabout he plan to address.he recoveryactor,Jay rbsponaeohat this couldonly begffectivglV.addressedia a long erm est. SpencerHbwe sked about he Oretaceous,aylespondedhat,given he poor ockquality;he nitial ocuswouldbe on the eataqogene.Petercanagherstated hat the chargemodel s not yet understood,he pA60 mjy u"chargedaterallyiom Rapidcreek (pA s4 not chargeol.ens paceaskedabout he landgtqtqs, ay stated hat we have he majrrrily ross-assignedith petrobras20%)and cop(18%)..on-!henorth tankwe are atkingo Anadarko-aboutwapping qi,ity ir rioei iorMacondo. he_llasa smallportion f the lankon thewestside.'ihu;k Guderjahnskedhowmanywells t will ake o get o saRction,ay espondedhat t wilt ikelyake6_8wellsgiven he sizeof the discovery50,000 cres).GeotfHill asked f the teim has enoughpeople, ay statedhat he Plans for hreeadclitionaleople,romappraisal,o oin he eam.In duecoursehe explorationolk will ransitionhework o the apfrbisal olkw1ha view othem.takingiber hroughhe sanction ecision. ave ookasked bout iming, aystate;1f''"!!'qplanwas o completehegeologicalppraisaly heendof 2o12.Chuck ommentedthat&8 feels ikea lot of wells.Rebeccaaidwe maybe doneafier2 or 3. Dave,Raineystated hat we do not want to repeatMad Dog; .e. the facilitys not right.sizedor thedisco.very.ebeccaskedwhyTibers seeing betterluidhanKaskida;jy statedhat hisis still beingworked; he temperatures 30F higher han expected othei considerationsincludeiming nd hat heCretaceousacies ield shorterag ime owe have een omeIate tageluids.

cretaceous cindy outlined he potentialprizeof s-10 bnboe isked n largesimplestructures. P is the argeslplayerand the strategys to makean earlymovd tesQ'toleverage ur position. acticsare.to drill3-4 play estsovera five yeai period'to ullyunderstand.and_describehe potenlial. iber s the irst est,plan s o us'e ibir (andWillK)to updatehe Mesozoiciamework ndcome o Forumn July2010witha proposalor th6next est.Tiber ockqualitypoor n the Cretaceous;eservoirs cementedwithan averageporosity f 87oand a permeability'rangef 0.1-1mD.we need o undertake digenejsstudy, ap imingmaybe critical itholder tructureseeingluidearly opreserveo[sity atthe expense f capluringessmafure il. NeilPiggott skedabout he ablasalptainanOitreprogrammeo explore, indy epliedhat heway orward n hisplaywould e'articulatedntheJulyupdate ext ear.Review of Russia activity: Arctic and sakhalin - Dave ook andAndyLewis

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Azerbaijan - PaulClyne,GregRiley,CarolineWhorlow Arzu Javadovalqqt t$ a presenlatlonn the statusof accessing ewopportunitiesn the Caspiann thelight of the 'Exploringthe Future'offermade o socAR. A numberof optionsare beingprogressed:shafagAsiman shafagAsiman s a challenging as prospectn 700m of water60 kmoutboard f ShahDeniz;mudline ressures re expecledo exceed15Kpsi.Gllp is 35 tcfand cllP 2.8 bnbbls.Ps is 2570with he key riskcharge ccess young tructure). n MoUhas beensignedwithsocAR to negoilate psA; theATNwillgo to the RcM on December15'',we willneedbetter erms_han he existing SAs.Plan s to shoot eismicn 2011 willneed o startmobilisation-in010aftersignaturef psA) followed y a well n 2ols. Rigavailabilitys an issue,sD2 will require wo rigs- releasing rlg to drill shafagwill b-{9Re1Oentn SD2performance.lternatively,rigcouldbe procuredhrough theiprojects(thePSAsallowonly hreeyears or appraisal rilling o TorAL andsocA-Rwouldhe6d obrlngn additionaligsgiven uccess t Absheron ndUmid-Babek).SWAP areahas beenagreedwith SOCAR; xcludeshe northernGoshactashrospectsbut we believehe south o be better rom a play risk perspective no seismicso trap

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developmentnknown.MOUsignaturespendingdiscussionsn JV structurewillnot be aPSA).A JV wouldmeet BP's commitmento developSOCARcapabilities nd potentiallyprovide vehicleor accesso otheropportunitiese.g.northswAp and or Umid-Babekj.Pfan s o shoot eismic2DTSand2DTZ)startingn 2012 startmobilisationn201 ).Absheron previouslyrilled y Chevron ndTOTAL. BX-1 nlydrilledo Fasila trich aswet; ailure ueeithero charge ccessyoung tructureo posi-datesbvelopmenlf sealcapagltyn deeperreservoirs) r that the take pointwas belowa tilted contact basinmodellinguggestshat hesoulhernlank ouldhave eensignificantlyoreoverpressure).BP view s that he resoutce otentials > 20 tcf at moderateisk.TOTAL as beenawardecla PSA, socAR wantBP in but rorAL haveresistedand farmedout to Gaz de Frahce(prwide downsheam apability). OTALplans o drill (withMaerskExplorern 2010) henorthernlankbul the PSA hasa depth imltol 6700'so theywill not test he deeper Kalln)section-Umid-Babek is a northwest-southeastrendingidge ocated outhof ShahDenizBp viewis that he ridge ould ontain15 lcf at I in 3. SOCAR as atready rilled evenwellsonUmid, wo of which estedhe Fasilawith ambiguousesults.SOCARare qtrently re-drillingumftJbnt havingdifficultiesmade1600m n 90 days),plansto drill Babekoir rroH rigconshaint). ocAR is likely o needhelp o exploreand-develop potentiaior futureJVrelationshipla SWAP.Turkmenistanpdate significantrizebutactivity asslowed ue o the border isputewithAzerbaijan;o capable Perators beingawarded contractBlock21 has beenawardedoItera.Peopte - petercarragherss&w Forum thenext orumwill be held n san Antonio, exas, n May2010.plan:350attendees, eatzeto'returnees'with he fodJson Challengerso LevelG. Therewilt besixthemes:Access& Exploration,ewWellDelivery, ieidManagement, esource rogression,and BaseManagement.ccess& Exploration ill havea maximum f 4 talksand8 postersin eachof the4 sessions: eepwater,and,Resource ccessand2OZO+rontiers.Explorers f the tuture Peteroutlinedhe contextbehind he need or a structured lan oenablehe explorationrganizationf he uture:. Learning ffergap. Demographicapbehindetirement ave. Ensureransfer f skills, now-hownd effective eliverv. Formalearnings a supplemento career evelopment'' lntegratedo

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Field lasses: arginal arine ystems,eepwaterystemsndpassive argin lass notenocarbonaterainingurrenflynoffer).Disciplinepecific raining 21c levelcourseswouldbe takenduringchallenge. ost_challengeraining ould e ndividuallyelectedoursesrom he nternallnd xternalffersguided ycoachesndmenlors, uthorizedv TLs.FeedbackromForum:. Target ohort houldbe5-1S earsexperience. Needso be inkedo a successionlan' 3+1 orchallengeeriod oesnotappear onsistentith2+2Bp hasmovecto. Removetenyear) imeline onstraint' Would epresenthe fastest but not necessarilyhe best) oute, he bestexplorershavea diversity f experiencecrossmultipleasins ndbreadth f theE&p valuechain. Weneed o make urewe arecongruentithotherunctionse.g. ppraisal). The earningffer,ield lass nd raininglementsookgreat. What s heoperationsffer?. Does heoffercater orspecialists?Action: on the basis of the feedbackoffered,clevelop revised earningoffer - peterCarragher.Following discussionnthe AdvisorProgramme,t was eiteratedhat MikeDalv ForumstheSPUand Functionn thematter f Explorationdvisors.Wednesdav 14thOctoberNorth Africa - Jenspace,HowardLeach, hereestover,BarnabyRoome,GermanMolina, l Fraser, ndrelBelopolsky ndChrisSimmonsAlgeria 009 icenceound thereare wo highgraded pportunities:he lliziBasin araTesselit lock conventionalrdovicianasplay) nd hegLikineBasin imissit uest lock(Devonianhalegasplay).Thg critical ommercialssues re he: Sonatracharry first7years),ax regime,ack of clarityon domestib-supplynd pricing,equiremento ritinquistr30%afterphases & ll, sonatrach ecisionights n the JointMarketing ompany'andchargesor pre-existingiscoveries.he cunent ermswouldnot ustifya UiO, o*ever, nefinal ermssheetwill be available thNovember nd thingsmiy change.Bidsare dueDecember0h.GaraTesselit:n 2008 he blockwas within he mega-trap, owever, ew pressure ataindicatesignificant ompartmentalisationnd the current nterprelations ihat only thelgFT-tjinSq of_them.ga-trapieswithin he block.Hovyever,he southwestportion f theMoleD'Ahara igh ieswithin heblock;n addition, number f palaeo-stucturesanging pto 100sq kmhavebeen dentifiecl.he otal esource stimaleor he block s Z-tg tcf UnOerthe currenterms,a 9 tcf projectwpuldmakea grossNpv of $900mandan IRRol 12olol$75/bbl;signifcantchanges o the tbrms would be required o make the loc returnsacceptaile (e.9. removalof sonatrachcany afler exploraflon nd selling the gas atinternationalrices).Timjssit uest GURG igh-gladed'17,000sq km of he iliziBasin ueb thepresencefathickwodd-classourceock hat sgasmature. he Frasnianhales a neritic'fansitionalmarine arbonateourceockwltha Toc rangeof4-13o/ondRo range f 1.1-1.gol0.heFrasnianhickenso he eastandnorth; uality nd hicknessegradeo the south.Logdatasuggest verpressurendporosity reservalion.heFrasnian as he TOCof theWoodfordbut heburialhjstory ndoverpressureharacteristicsftheHaynesville.he northeastcomerof he TimissitOuests prcspective.t isestimatedhat lie blockha$a resourcepotentialn herange15-20tcf itha further o tcf n unlicensedcreage. hebreakevenpriceor a projects$100/bblul he currentermsprohibitOCprofitabilitynderanypricescenario.

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It was suggestedhat lve makea slrategicunconventional

gas offer, o the Algeriangovernmenthe contexts thatAlgerianeedso meeta 'galloping-'domesticGtemandnd tsexportaspirations; assiR'Mel s on decline nd the-fielcisn o"uJffi"nt and underappraisal re_uJllikelyo providehe volumes f gas needed.Unconventionalas is thecavalry'andBP is distinctivelylacedn termsof ourpositionn / relationshipithAlgeriaandourNAGexperience.owever, e wouldneed he appropriate-acre'ageno erms odeliverommerciallycceptableerms.Action - proposewhat an offer could look like and when t should be made_ JensPace.-O!s!9r9Libya on rack o completehe3Dacquisitionarty1e 2011andspudhe irstwell3Q2010The irstwell slikely o beon heCaracal eadArLawithstackedriassic,Silurianand.ordovicianargets.Finalapprovalo drillcaracalwill be ;rghf;;t $ecember 009lu9jgct o-theprospectmaturing_onhe tinarprocessed D andxi enoor6eme;i.y iil;iloctober2009BP had acquired0s0sq km at an averageateof 72s0Vps perday(max18000). SSE erformanceasbeengoodwith our ecordablesn 1.bmmanhoursworkedand 2-9mkilometres riven.secondcrewwiil start n the southembrock;plan is to shoot17,150 qkm(vs.a commitmentf 14,000 q km); ey processinjirrr", "i.Jr"rovar of rssnoiseandstatics iven ubtlety f traps- rocesiingas beensl-owerhanexpected; etercarragheras ntervenedt seniorevelso mprove eliveryrom heTripoli entre.TheGhadames asin ontainswoworld lass ourceocks ofSilurian nd Devoniange)andstackedordoviciano Triassic)eservoirseals.nitiallywo airwivs ie being argeted:the silurianAkakusairway hargeo_!ylne underlyinganzrh wrricn al lroven successtutnthe.Verenexcreageo the north 92%succss-raie)nd he Triassic'Ras-Hamila"i*"twhichrequiresong distanceateralmigrationrom ihe Frasnianb-;r"p in the BerkineBasin.Thereare77 eadsn thepl , 25 in the3D area n thenorthem lock -600mmboe isked).The caracaleadareacontains pl of 3s5 mmboewith12 eads> io mmuoe. il ls theexpected hase n the Triassic ndgas in the Silurian. herewillOesigniricanthallengesgivenexplorationuccessn termsof booking esourcestroma smail-number f weils_Howard howed modelof how hismightbe chieved.byunderstanoingtt; irr / spillchain)and iming wewillneed o explore,appraise ndsubmit oevetofmeni"stuovv tireenaoi2014')'Bymid2011 wewillbe na poiitlon o decidehewayronviro n'iermi'of seismic nddrilling ctivity.Offshore irt - Al Fraser tatedllrat ne purpose f thesessionwas o secureForum upportfor drilling*the fenprospect s the irstplay estoffshoreUb1la. ;ismi; acquisitioninishedon he 12' october,17,000 q km data raveoeenacquired. he eam s redeiving ,000sqLr-l"y q.ata9v9ry90 days.pranwourdbe.tospudsien in .tutyzblo;-rignegotiations ithXoM for the NobelHomeiFerringtonavebeenconcluded. h'e ea; nis wirr

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Permian ge.Theres ambiguityssociatedith he nterpretationf the creslof the block;moclel assumes owerCretaceousarbonatesuild-ups ndmodel assumes arstifiedJurassicplatform arbonates. he key risk is chargeaccess; he most ikelyCretaceoussourceock ntervalCret50)s nterpretedo onlap roundhe Sfenhigh equiringotentiallycomplexateralmigrationnto he crest.Alternatively, pre-rift ource ockmay be presentwithin hesfen faullblock,however,t is likely his wouldbe gasmalure nd there s noevidence n theseismic ata or shallow as n theTertiary boveSfen.NeilPiggott skedaboutsealcapacityisk,chris simmons espondedhat he range s 11G1100m nd heteamconsidershat here s no riskon heminimum.he eamput orward resourceangeot 80-290-1000 mbo Pg0-mean-P50)ith a Ps ot 27o/o.fen couldpotentiallympact(reducehe iskon)> 507o fthe cunent isked l.Sfen ummary:' Large, obust ontainerffers bnbbo otentialn CretaceousJurassic arbonates.major egionalocus. Good eal Cretsoo SeaBedexpectedo bedomlnantlyhale. Thick urassic-Palaeozoicection eneatheservoir bjective. Opportunityo de-risk re-rift layconcepts ithmajorblock-wideotential. Pre-CretaceousD data qualityallows exkapolation f deepercalibration crossblock. Objectivesreaccessibletmoderateepths. Relativelyenign verburdenDaveRainey skedabout he secondwell.Al repliedhat t wouldbe locatedn the basintargeted t the syn-rifrCretaceous lastics ndJurassic arbonates. ave espondedhat hewould ike o haveseen he secondwelloptions s contextor he irstwell decision- avealsoasked owmuch katigraphye would e esting l Sfen.Al repliedhat here s a tradeoff:maximisingection knowledges. cost,doabilitynd operatingn a newbasinwith anew eamand rig.Al acknowledgedhat wewouldneed o becareful n the wellobjectivesandTD criteria tight ndclear).NeilPiggott sked f the eamhadput ogether comparativeoptionsmatrix or the play est candidatesi.e.a relative omparison f key criteria uchasdrillability,earnlng,bilityo enrapolate,isketc or each ption) would avebeengood ohave een hisduringhepresentation.l respondedhathebelievedheworkwasdonebuthadnot beencompiledn a matrix.Neilalsostated hathe was uncomfortableith sealcapacityiskat unitygivenoffsetwell ailures.DaveRainey sked or views rom he room:Geoff- comfortablehe eamhasdone he work,supportPeter concernedbout harge ccess, otoptimistic,uarded upportScotlSigurdson looks ikea good est ocationroma drilling erspecliveDoug likeNeil'smalrixdea, otmuch ime odo hewellplanningJay supPortutdo hematrix, oncernedbout iming arewe rushinghis?Riskierhan1i n 4Chuck dont supportbasedon presentation,isappointede are not testing he provenclastic lay wlll rust heprocessBob support, ould ike o haveseen heoption et. Looks k roma drilling tandpointNeil need o demonstatehat his s the bestoption:eastprospectisk, eastdrill isk andmaximumearningwouldsupportonhatbasisPaul support,we need o be crystalon the objectivesnd TD criteria.Order ots of mudyouwillneed t!Spenier supPorton he basis his s the bestprospect ot he biggest, eed oaddseal isk- whatwon't his ellus?Liz - support can leam a lot - would ike to see the optionsmatrix.We may need toincorporatehe XoMwell esult ntohe riskCindy support, eed o testas muchstratigraphys we canbut understandsradeoffs.UseXX o helpwithwell ocalionMartin probablyhe bestplace,would ike o haveseen econdwell,supportSteve difficult o makea decisionwithout omparativeptions nd secondwell clntexl, ourbestexplorersaveworked n hisso will rust heprocess,upport

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Qave disappointedn the optionbut willsupporthewellwith he caveat hat a sub-set fForum onveneo review) theoptionsmatrix'tiratupports fenas thebestplace or he irsttestand i) optionsor hesecondestAction: arrangea meeting-for a sub-setof Forum o reviewpray est strategyandoptions o confirmSfendecision Jenspace.Exploration efficiency - Martin ltingworthMartin resentedomepotential easures,erivedrom readilyavailable'inpute.g. pend)andoutput e.9.discoveredesources)ata, hat couldbe tracliedo monitoieff;ie;ci. Keimeasures.are: rillingefiiciency .capturedy D&c), success ate,bang ror uuc( 1e.g.discoveredolume ywell), nd inding ost.Otherpotentialmeasures iscussed:opper rogressione.g. atioof prospectslriled ototal numberof prospects eveloped), opp6r vailability (ieferenceearlierconversationregatdingavingeadyo go optionsor hewellprogrammei ost o maintain grow neFi(Martin oted hat he revex/net ell has ncreased ignificanttyn last5 years what s thestorybehindhis?)andvolume f seismic igitsadded-vs.pend afierstriipingout nllation).In addition' ecouldookat nefficiencys a resutt f notdoing bmetninjJ.j. engora tory- choosingot o buydata).Martin oncludedhe discussiony statinghat,whilstsorneof themeasures iscussed ereappropriateo track at a segmentevel, he SPUsshould hink about ocalmeasuresimportanto heirbusiness.Aetion: develop hinking aroundhopper!'rogressionand availability fficiencyandcost o malntain growpl - SteveGhappell ndMarfln lllngworth.Action: eview eisrnic igitsadded s, spendsince2000 petercarragher.Action:develop necdote f Angola eismic tory peterCarragher.Action: each PU to think about efficiencymeasuresspecific to their businesses_PULs.Drilling efficiency - scott stgurdsonScottstated.thatthe exploration nd appraisal ortfoliowas facing ncreased omplexity!9."^:g].1qt':3l iversity,.water depths,more eitreme pressuresand temperatures ndInlermtnentrogramming)hich mpactsiskandefficiency.Internalgap o bestwell benchmarkinghows hat appraisalagsexploration. here s aninconsistentransition etw_eenxploraiionnd appraGl (hand6ff indreas"s rganisationall?1pl-:j,ty.ry rlsk)aflddr.Tqp?tmodetsor ntegration eiween riiling ndsubsurface.hermermnent pproacho activitys notconduciveo Clp.In termsof Industry enchmarklngrBpas mprovedrom2007 o 200s,however,ndusbyhas movedoo' In 2008BP was2d quartileor offshore rillingand3d iuartri foi onshor6drilling.oftshore,a 100 day welt for Bp takes sheil 70 oiys. nem6vint-'pertormanceinconsistencyillmoveus o topquartile.2009 performance - Martin ltingworthMartin eported mixed ear.Successes:iberandCulzean iscoveries,ibyaandBeaufortseismic ndRumaila, ileandGoMaccess. otso good: he number6tw6tt" rilteos i2(gross asis)and he successate s 38% gross asisJ.Drilling apex: E s -$3b0m vs.a ptanof$500m).

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Seismic:atest ata howing eare$19m nder lan:GoM +4m GilaCanada -11m Noconveyance,ompletedarlyEgypt -2m Over-accrualIndonesia -1 mCentral -9mG&Gother: 009LE s$10-20m nder lan.Action:checkNovember FOdata o confirmposition pULs.We need o deliverotal evex f < $480m, o havepotentially3040mheadroom. eed ogenerate listof seismic ptionswhatwe canacceleraterom2O1Olan).GoM.:_JaytatedhatPg giants rea strategicmperative;n thiscontextwe anstrengthenour X-wATSpositionn southern eathley anyon, o coverandre-image number fattractiverospects,or a bundled riceof $33m.CunentGoMallocation6r 2010 s $67mincludingenewal;f no additionalundings availablen 2009, henDWwillbe requestingnincreaseo $75m or 2010.Martinaskedwhichprojects ouldbe includedf $25mwereavailablen 2009, ay istedAndalusite,oufax, 'raptriteyan,KerinchindCirroslratus;fonly$20mwereavailablehenCirroslratusruldbehelduntil anuary010.Brazil: ei loutlined number f renewalptions:Brazilequatorialmargin:analogueo the Ghanaonlapplay.ANp-1 licence ouncl nFebruary010; eed GS data o nfill xisting rid o nform viluation $2.6m.southGabon: quivalento the santospre-salt layandhighest raded ptionn the southAtlantic. icenceoundopens n May2010 $8.9mFor ewCCCVpSfnt dataand2D tielines.BeninEmbayment:hasing ubilee lay o theeast.Access ouldbe through ither irectnegotialionr a licenceound. e need o understandhyApc walked way-- 1.3mor2Dinfilland entalof 3D.AngolaKwanza:eplace xisting D psrM'*1,n ,ro" data or sub-saltmaging. ccessrouteand imingnotyetclear.Notanaccelerationriority $3m.BaffinBay:Licenceound n May 2010.$2.5mneeded re-accesso informbiddecision;could ccelerate1.2mnto2009.Other:

Trinidad:eeking1.7mn 2010or cretaceousnlap lay n Guyanasuriname.Thedecision nwhichoptionso exercise as heldoveruntilafter heSouthAflanticeviewsonThursday ftemoon.Thursdav l5th OctobSI2010 plan - Martn lfingworthFrame_s.$700mcapex $650m rillingand $50m ease),$480m evex,5oo mmboedrllloutand2 bnboe esource ccess.

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MikeDalynoted hat he drill-outookedweakand thatLibyahas o work o sustain 00mmboe a. PeterCarragherskedf Libya nshore oulddeliverhreewells n 2010. ensPacestated-thathe proposed ace deliveryelt right n the context f newcountry tart-upoperations. ikenotedhat ncreasingquityn MoCcasin43.7SVo)r Gilawouldbea betterlever. aystatedhatwe wouldbe unlikelyo increaseurequityn Moccasinutworkingodo so at Gila,2010Drll l ing apitalGoMX JayThorsethcapex:Plan s for 1 operatgo1v9tt(c{a- workingwithDevon o secureoperalorship)nd 3non-operatedells Moccasin,oalaEast ndHyperion).Gila is a lgrge.Pg 4-waywest of riber. RecentX-wATS has improved efinition f theprospect'Provingsynclineseparationrom Gibsonon the north-eastlank is critical oretaining column tGila. heprospect.as compllcatedand ituation ithmultiple layersinvolved. evonand BP license he drill block Devonoperator f the block).CotvtXsengagedn multiple eals o increase orkingnterest ndsecureoperatorshipf theblocksheldwithDevon.Optionso increase quityncludeheAPC/Nexen lockon heeast lank ina dea