LNG. a natural gas partner

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1 LNG a natural gas partner

2 LNG - a dynamic and vibrant business Liquefied Natural Gas (LNG) is the fastest growing sector of the international gas business. For many years, a predictable industry involving a small number of countries, mainly in Asia, LNG is now a dynamic and vibrant business connecting nations across the globe. Today, LNG is helping meet increasing demand for energy in rapidly growing economies such as China, India and South Korea. It is helping to offset the decline in indigenous gas production in major consuming markets such as the US and the UK, and adding to the diversity of energy supply in countries such as Spain and Italy. By 2010, LNG is expected to account for over 11 percent of the world s gas supply and more than 25 percent of all internationally traded gas. LNG enables gas to be transported safely and economically over long distances; connecting resources to markets, unlocking stranded gas reserves and helping generate cleaner, low carbon power for industry and homes. Now, it is also linking national, regional and international markets and contributing to the growth of a truly global gas market. This brochure describes how BP is working with partners and customers across the world to meet the challenges and opportunities of the rapidly changing world of LNG.

3 By 2010, LNG is expected to account for over 11 percent of the world s gas supply. a natural gas partner

4 Our business is founded on long-term, sustained and valued relationships developed over many years.

5 a business built on partnerships At BP, we have been active in the LNG business for more than 30 years. Today, we are the world s second largest private supplier of natural gas into liquefaction plants, and the largest supplier of natural gas delivered as LNG into the world s largest gas market, the US. With our partners we participate across the entire LNG value chain. We explore for, develop and supply gas for liquefaction. We develop, construct and operate world scale liquefaction plants. We apply technology where it really counts. We operate a fleet of modern LNG tankers. We access premium gas markets through direct participation in LNG re-gasification projects and ownership of capacity rights in third party import terminals; and we have downstream gas marketing and trading positions in key gas and power markets. Our activities span the globe, giving us the scale and reach to manage large and complex projects, construct innovative supply and purchase contracts, and apply our distinctive trading skills to capture the best market opportunities. Most importantly, our business is founded on long-term, sustained and valued relationships developed over many years - with producers, suppliers, co-venturers and customers. In the growing world of LNG, it is what we believe makes BP a natural gas partner. a natural gas partner

6 BP participates in five LNG production facilities around the world, including a new green-field LNG project in Indonesia currently under construction. firm and flexible supplies BP participates in five LNG production facilities around the world, including a new greenfield LNG project in Indonesia currently under construction. In Trinidad and Tobago, we helped develop the first green-field LNG facility in the western hemisphere for more than 25 years, completing the first train in just 6 years from initial conception compared to the then industry average of 14 years. Trains 2 and 3 were subsequently each completed in less than four years. Today, we remain the largest shareholder in what is now a four train 15 mtpa* complex, working closely with the Government to secure a legacy of social and economic benefits for the country. In Abu Dhabi, we provided engineering and project management to ADGAS to develop the original two train LNG plant utilising gas that would otherwise have been flared. We also supported the development of Train 3 which, at the time it was commissioned in 1996, was the world s largest LNG facility at 3.5 mtpa. Today, we continue to be a shareholder in ADGAS and provide technical management and manning of four of its dedicated LNG ships. *million tonnes per annum

7 In Australia, we are a partner in the 12 mtpa North West Shelf LNG facility and applied the lessons we learned in Trinidad to identify savings of more than $200 million in capital expenditure on the Train 4 expansion project. We are also a participant in the 4.2 mtpa Train 5 expansion, due to be completed in In Indonesia, we supply gas to the giant, eight train, 22.6 mtpa Bontang LNG complex, one of the world s largest LNG facilities, via our shareholding in Virginia Indonesia Company (VICO). VICO is also a partner in PT Badak LNG Company, which operates the Bontang complex. Together with our Tangguh partners, we are also advancing the construction of a new 7.6 mtpa LNG facility in eastern Indonesia, which will set new standards for the sustainable development of hydrocarbon facilities in sensitive ecological and economic areas. Scheduled to start in 2008, Tangguh LNG will be exported to customers in China, South Korea and North America, under an innovative portfolio of contracts developed by BP and partners. Elsewhere, we have LNG sales and purchase agreements with the Damietta LNG facility in Egypt and Oman LNG, and are in negotiation for future supplies from Nigeria. In Angola, we are working with our partners to develop a new 5 mtpa LNG export facility. This combination of equity and third party LNG - supplemented by additional short-term purchases - enables us to meet customer demand and to supply LNG from a variety of sources. a natural gas partner

8 access to markets BP has secured a number of entry points to key gas markets for LNG around the world. In some cases, we have invested in and helped construct the import and regasification facilities themselves; in others, we have secured capacity rights in third party operated facilities. These entry points enable us to offer a variety of markets to our LNG export partners; respond to customer demand; and develop the best options for the LNG we market - both our own and that of our partners. In China, we are the only foreign participant in the country s first LNG terminal, at Dapeng, in the Guangdong province. The facility has capacity to import 3.7 mtpa, bringing cleaner, low carbon energy to both the province and to Hong Kong. Together with Sun Yat-Sen University, we have also opened China s first LNG education centre. This will help develop LNG technologies, share knowledge and provide training for the country s LNG and related energy industries. In Spain, we are a shareholder in the 5.4 mtpa re-gasification and 800 MW power complex at Bilbao, the first and still the largest, integrated facility of its kind in Europe and the first Spanish LNG terminal to be constructed on the Atlantic coast. The project

9 brought together the skills of each of the partners BP, EVE, Iberdrola and Repsol and has diversified Spain s energy supplies and enhanced economic development in the Basque region. As the first new entrant to Spain s liberalised gas market, we also sell gas directly to commercial and industrial customers under innovative arrangements. In the US, we have secured access to capacity in two East Coast LNG facilities, at Cove Point and Elba Island. Together, these enable us to supply up to 4 mtpa of LNG into the world s largest gas market, where we are also the largest natural gas supplier and marketer. In the UK, we hold 50 percent of the capacity rights to the first phase of the 3.3 mtpa Isle of In the UK, we hold 50 percent of the capacity rights to the first phase of the 3.3 mtpa Isle of Grain LNG terminal in South East England, helping bring LNG to the UK for the first time in more than 40 years... Grain LNG terminal, in South East England, helping bring LNG to the UK for the first time in more than 40 years, and adding to the country s diversity of gas supply. The LNG is sold into the liquid UK gas market where we are a leading producer, supplier and trader. We also have agreements to supply LNG to the Dominican Republic and South Korea where we have invested in a new gas-fired power station to support the use of cleaner, low carbon electricity. To position us for the future, we are working to develop two new LNG facilities: a 9 mtpa BP LNG import and regasification project at Crown Landing, New Jersey, in the US; and a 6 mtpa joint venture facility at Rosignano, in northern Italy, in association with our partners. These facilities will give us additional access to two key developing LNG markets. a natural gas partner

10 shipping and trading BP has been involved in LNG shipping for more than 30 years. Today, as always, safety remains our number one priority. We operate or manage a total of nine LNG ships. These include three new 138,000m 3 Trader class ships delivered in 2003/4 the first LNG vessels to be ordered for over 20 years without being underwritten by long-term supply or purchase contracts. We also have four new 155,000m 3 Gem class ships due for delivery over 2007 and 2008 giving us one of the most modern fleets in the LNG industry. Our newest ships are designed to enter and unload at every major LNG terminal in the world and provide the added flexibility to respond to customer demand and collect and deliver cargoes where and when needed. Our expertise in shipping also underpins our skills in moving and trading LNG across the globe. Developed out of our extensive experience in the oil business - and using our knowledge of international gas markets - our distinctive trading expertise enables us to source, move and deliver LNG in response to customer demand and market opportunities. In her first full year of operations, for example, our first new LNG ship, British Trader, loaded 20 cargoes from three different loading ports and discharged at seven different import terminals. This expertise will be vital as international movements of LNG increase; liquidity in the LNG merchant market develops; and both customers and suppliers seek greater diversity of supply and markets, respectively.

11 Our expertise in shipping underpins our skills in moving and trading LNG across the globe. a natural gas partner

12 For customers, we are working to develop new entry points to bring cleaner burning gas to key consuming markets and support the move towards low carbon fuels.

13 new opportunities With annual growth forecast at some 8 percent, LNG is set to become an increasingly important part of the global gas business through the first part of the 21st century. As a major participant, we at BP are committed to building our LNG business in this growing market. We have well established positions throughout the entire LNG value chain and across a range of geographies and we are developing new opportunities to enhance our supply and access to markets. We are also creating new forms of contract to enable suppliers to ship LNG to multiple markets and respond to customer demand. For customers, we are working to develop new entry points to bring cleaner burning gas to key consuming markets and support the move towards low carbon fuels. Most recently, we have established an Alternative Energy business to develop low carbon energy opportunities including gas-fired power generation, and creating potential markets for LNG. As in the past, our success will be based on partnership, on our commitment to long-term, mutually beneficial relations and on our ability to work closely with producers, suppliers and customers to meet the world s growing need for energy, protect the environment and support sustainable development. It is what we believe makes BP a natural gas partner in LNG. a natural gas partner

14 Major BP LNG Markets BP LNG Resources BP Major Trade Flows

15 a natural gas partner

16 If you would like to find out more, please contact us or visit our website. Gas Marketing and Communications Building B BP Business Park Chertsey Road Sunbury-on-Thames Middlesex TW16 7LN Tel: +44 (0) a natural gas partner

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