BP and Energy Ventures announces cooperation agreement on technology development

July 2002

BP and Energy Ventures announced today that they are to work together to identify and define investment opportunities in companies seeking to develop new technologies in the energy sector. The deal will give BP access to a range of new technologies for its activities and Energy Ventures will enhance its ability to identify high-growth investment opportunities for its funds and portfolio companies.

The scope of the agreement is wide, although it is likely that the two companies will initially focus on upstream technologies and portfolio companies located in the littoral countries of the North Sea. Portfolio companies for Energy Ventures will be in the early stage of development and typically require investments from 1-5 Million Euro.

Under the terms of the deal, BP will assess and provide advice on the technologies being pursued by the fund and identify those with the greatest promise to solve its own technical challenges. Energy Ventures will take equity stakes in companies offering the best potential for its investors. BP will also endeavor to provide Energy Ventures' portfolio companies with test sites for new technologies which often proves to be a bottleneck for emerging technology companies.

"BP's unique approach to technology development makes Energy Ventures an ideal co-operation partner for us," said Wolfgang Schollnberg. BP vice president of External Technology development. "This agreement will help progress technology development in our core business areas and guide technology development to meet our future business needs."

Ole Melberg, Managing Partner of Energy Ventures said: "We are very pleased to engage in this co-operation with BP, and look forward to help promote viable businesses which provides unique solutions to the industry's technical challenges and provides attractive returns for our investors."

BP has previously entered into a similar agreement with First Reserve, a US based private equity firm. The agreement with Energy Ventures is complementary since the focus and investment criteria for the two funds are different.

Note:
Energy Ventures a.s is a newly formed venture capital group based in Stavanger, Norway which focus on growth technology companies in the energy sector. More information can be found on www.energyventures.no

Further enquiries:
Ole Melberg, Energy Ventures, + 47 51 84 12 96