BP and AAR settle all outstanding disputes

                  BP and AAR settle all outstanding disputes

PR Newswire

MOSCOW, Nov. 13, 2012

MOSCOW, Nov. 13, 2012 /PRNewswire/ --BP and AAR, joint shareholders in
TNK-BP, today announced that they have reached a comprehensive agreement to
settle all outstanding disputes between them, including the current
arbitrations brought by each against the other.

The agreement includes an immediate waiver of the new opportunities provision
in the TNK-BP shareholder agreement, allowing each party to explore new
opportunities and partnerships in Russia and the Ukraine, effective
immediately.

The parties have agreed to work constructively together with each other and
with Rosneft to progress their respective disposals of their shareholdings in
TNK-BP.

SOURCE AAR Consortium

Contact: In London: John Eisenhammer, +44 (0)20 7233 9444; or Andrew
Hayes/Maria Ignatova, +44 (0)20 7796 4133, Hudson Sandler/Quiller; In Moscow:
Mikhail Loskutov, +7 (495) 663-7143, +7 (916) 641 9079; or Alexander
Mikhailiants, +7 (495) 663-7143, +7 (985) 410-0263
 
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