BP, CONOCO SWAP GULF OF MEXICO, ALASKAN ASSETS

BP Exploration and Conoco Inc. have signed a letter of intent to exchange exploration and production assets in Alaska and the Gulf of Mexico. Under terms of the deal, BP will acquire all of Conoco's interests on Alaska's North Slope and some interests in 54 mainly deepwater blocks in the gulf. In exchange, BP will assign Conoco a 33% interest in its wholly owned Gulf of Mexico Amberjack oil field. BP will acquire Conoco's 64% interest in Milne Point oil field and 40% of the Badami

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