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BP Selects GE Oil & Gas to Conduct Two Foinaven Oil Field Engineering Studies

16 June 2009

GE Oil & Gas, a world leading company in oil and gas advanced technology equipment and services, today announced that it has been selected by BP to conduct two initial engineering studies for the Foinaven oil field, for subsea processing and power-from-shore systems respectively.

The initial engineering studies, which will involve obtaining accurate data for field development and its technical and commercial feasibility, represent a continuation of work already completed by GE Oil & Gas to support BP in developing the Foinaven field for future production enhancement. The target completion date for the initial engineering studies is the third quarter of 2009.

The Foinaven oil fields are located 190km west of the Shetland Islands, United Kingdom, in a water depth of between 400 and 600m. BP operates the field in partnership with Marathon Petroleum West of Shetlands Ltd. and Marubeni North Sea Limited (East Field only). Recoverable reserves are estimated to be in the range of 250 to 600 million barrels of oil.

“This engineering study contract award is testimony to the long-standing cooperation on subsea power and processing between BP and GE Oil & Gas, dating back to our subsea processing collaboration agreement signed more than 10 years ago," said Martin Sørensen, subsea power & processing director, GE Oil & Gas. "Subsea power and processing technologies and systems is a key focus area for GE Oil & Gas. We have increased our investments both in people and technology, and it is great to be working with BP on this exciting project.”