BP Berau Ltd.

Today, BP are one of its largest foreign investors with cumulative capital investment to date of over US$5 billion. Through various heritage companies, BP is one of the largest foreign investors in Indonesia. Activities are dominated by its exploration and production business, notably the Tangguh LNG in West Papua. BP Indonesia currently employs over 1,200 people, most of whom work in and around c

apital of Jakarta or close to our main asset in Papua Barat. Tangguh LNG is the third LNG hub in Indonesia. In March 2005 the Government of Indonesia gave the go ahead for the Tangguh LNG project in Bintuni Bay of West Papua. Taking its name from the Indonesia word for "resilient and strong", Tangguh is centered on the Bintuni Bay area of Papua, Indonesia - around seven hours flight from Jakarta. With 37.16% interest in the project, BP Indonesia is the operator of Tangguh under a production sharing contract with BPMIGAS (Indonesia's regulatory body for oil and gas upstream activities). In October 2007 the project completed its planned loan agreement totaling US$3.5 billion with several international banks to finance the development of the LNG plant. The external financing highlights investors' confidence in the project.