Exhibit 4b: Capital Markets Data as of March 15, 1999

Maturity US Treasury Yields Brent Crude Light Sweet Crude Oil Projected Prices for
% Futures Prices Futures Prices World Oil
1 month 12.56 14.49
3 months 4.60 12.61 14.40
6 months 4.69 12.65 14.28
1 year 4.75 12.83 14.31 16.55
2 years 4.95 13.45 14.60 16.85
3 years 5.10 13.65 14.95 17.24
4 years 15.35 17.48
5 years 5.06 15.90 17.80
7 years 5.29 18.15
10 years 5.14 18.64
20 years 20.46
30 years 5.51
Exhibit 5a: Estimated Project Economics for the Azeri, Chrag and Deepwater Gunashli Fields

Project Economies (per Barrel)

Oil Price (assumed) 10.00 15.00 20.00 25.00
Production Costs 4.00 4.00 4.00 4.00
Transportation Costs 3.00 3.00 3.00 3.00
Gross Profit 3.00 8.00 13.00 18.00
AIOC Cost Recovery 1.50 4.00 6.50 9.00
Pre-tax Profit 1.50 4.00 6.50 9.00
AIOC Share 1.05 2.80 4.55 6.30
Azerbaijani Taxes 0.26 0.70 1.14 1.58
After Tax Profit to AIOC 0.79 2.10 3.41 4.72
Total available to AIOC for cost Recovery and Profit 2.29 6.10 9.91 13.72
Exhibit 5b: Estimated Production Volumes for Azeri, Chirag and Deepwater Gunashli Project

Full Project (Early Oil + Full Field)

Avg. Daily Production Annual Prod
Year (Barrels of oil) (Million barrels/year)
1998
1999 Early oil complete 100000 36.5
2000 100000 36.5
2001 100000 36.5
2002 200000 73.0
2003 Stage 1 complete 200000 73.0
2004 Stage 2 complete 400000 146.0
2005 Stage 3 complete 600000 219.0
2006 800000 292.0
2007 800000 292.0
2008 800000 292.0
2009 800000 292.0
2010 800000 292.0
2011 800000 292.0
2012 700000 255.5
2013 700000 255.5
2014 700000 255.5
2015 600000 219.0
2016 600000 219.0
2017 600000 219.0
2018 500000 182.5
2019 500000 182.5
2020 500000 182.5
2021 300000 109.5
2022 200000 73.0
2023 0 0.0
r Gunashli Project

Oil + Full Field) Phase 2 - Only Full Field Project

Capital Expenditures Avg. Daily Production Annual Prod Capital Expenditures
($ millions) (Barrels of oil) (Million barrels/year) ($ millions)
1900.0 0.0
1000.0 0 0.0 1000.0
1000.0 0 0.0 1000.0
1100.0 0 0.0 1100.0
1000.0 100000 36.5 1000.0
1500.0 100000 36.5 1500.0
1500.0 300000 109.5 1500.0
1000.0 500000 182.5 1000.0
700000 255.5
700000 255.5
700000 255.5
700000 255.5
700000 255.5
700000 255.5
600000 219.0
600000 219.0
600000 219.0
500000 182.5
500000 182.5
500000 182.5
400000 146.0
400000 146.0
400000 146.0
200000 73.0
100000 36.5
0 0.0
 Discounted Cashflow Evaluation of the Azeri, Chirag and Gunashli Project Assuming no debt of any form (

Year 1999 2000 2001 2002

Annual Prod. (Million barrels) 0.00 0.00 0.00 36.50

AIOC Cashflows

Revenue 0.00 0.00 0.00 365.00

less Production Cost 0.00 0.00 0.00 146.00
less Transportation Costs 0.00 0.00 0.00 109.50
= Gross Profit 0.00 0.00 0.00 109.50
- AIOC Cost Recovery (50% of Gross Profits) 0.00 0.00 0.00 54.75
= Pre-tax Profit 0.00 0.00 0.00 54.75
AIOC Share 0.00 0.00 0.00 38.33
- Azerbaijani Taxes 0.00 0.00 0.00 9.58
= After tax profit for AIOC 0.00 0.00 0.00 28.74
Add AIOC Cost Recovery 0.00 0.00 0.00 54.75
= Cash flow for Project to AIOC 0.00 0.00 0.00 83.49

BP Amoco Cash-flows

Proportion of BP Amoco in After Tax Profit for AIOC 0.00 0.00 0.00 9.80
less Interest Cost 0.00 0.00 0.00 0.00
= Profit Before Tax for BP Amoco 0.00 0.00 0.00 9.80
less Corporate Taxes of parent country @ 30% 0.00 0.00 0.00 2.94
= Profit after Tax for BP Amoco 0.00 0.00 0.00 6.86
Add Proportional share of AIOC Cost Recovery 0.00 0.00 0.00 18.67
less Capex Investment 341.00 341.00 375.10 341.00
Add Debt Issue or Redemption 0.00 0.00 0.00 0.00

= Cashflow Available to Equity Shareholders of BP Amoco -341.00 -341.00 -375.10 -315.47

NPV @ 11.5% -1263.52

IRR -0.01
uming no debt of any form (Full Equity Financing)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
36.50 109.50 182.50 255.50 255.50 255.50 255.50 255.50 255.50 219.00 219.00 219.00

365.00 1095.00 1825.00 2555.00 2555.00 2555.00 2555.00 2555.00 2555.00 2190.00 2190.00 2190.00
146.00 438.00 730.00 1022.00 1022.00 1022.00 1022.00 1022.00 1022.00 876.00 876.00 876.00
109.50 328.50 547.50 766.50 766.50 766.50 766.50 766.50 766.50 657.00 657.00 657.00
109.50 328.50 547.50 766.50 766.50 766.50 766.50 766.50 766.50 657.00 657.00 657.00
54.75 164.25 273.75 383.25 383.25 383.25 383.25 383.25 383.25 328.50 328.50 328.50
54.75 164.25 273.75 383.25 383.25 383.25 383.25 383.25 383.25 328.50 328.50 328.50
38.33 114.98 191.63 268.28 268.28 268.28 268.28 268.28 268.28 229.95 229.95 229.95
9.58 28.74 47.91 67.07 67.07 67.07 67.07 67.07 67.07 57.49 57.49 57.49
28.74 86.23 143.72 201.21 201.21 201.21 201.21 201.21 201.21 172.46 172.46 172.46
54.75 164.25 273.75 383.25 383.25 383.25 383.25 383.25 383.25 328.50 328.50 328.50
83.49 250.48 417.47 584.46 584.46 584.46 584.46 584.46 584.46 500.96 500.96 500.96

9.80 29.40 49.01 68.61 68.61 68.61 68.61 68.61 68.61 58.81 58.81 58.81
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
9.80 29.40 49.01 68.61 68.61 68.61 68.61 68.61 68.61 58.81 58.81 58.81
2.94 8.82 14.70 20.58 20.58 20.58 20.58 20.58 20.58 17.64 17.64 17.64
6.86 20.58 34.31 48.03 48.03 48.03 48.03 48.03 48.03 41.17 41.17 41.17
18.67 56.01 93.35 130.69 130.69 130.69 130.69 130.69 130.69 112.02 112.02 112.02
511.50 511.50 341.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-485.97 -434.91 -213.35 178.72 178.72 178.72 178.72 178.72 178.72 153.19 153.19 153.19
 2015 2016 2017 2018 2019 2020 2021 2022
182.50 182.50 182.50 146.00 146.00 146.00 73.00 36.50

1825.00 1825.00 1825.00 1460.00 1460.00 1460.00 730.00 365.00

730.00 730.00 730.00 584.00 584.00 584.00 292.00 146.00
547.50 547.50 547.50 438.00 438.00 438.00 219.00 109.50
547.50 547.50 547.50 438.00 438.00 438.00 219.00 109.50
273.75 273.75 273.75 219.00 219.00 219.00 109.50 54.75
273.75 273.75 273.75 219.00 219.00 219.00 109.50 54.75
191.63 191.63 191.63 153.30 153.30 153.30 76.65 38.33
47.91 47.91 47.91 38.33 38.33 38.33 19.16 9.58
143.72 143.72 143.72 114.98 114.98 114.98 57.49 28.74
273.75 273.75 273.75 219.00 219.00 219.00 109.50 54.75
417.47 417.47 417.47 333.98 333.98 333.98 166.99 83.49

49.01 49.01 49.01 39.21 39.21 39.21 19.60 9.80

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
49.01 49.01 49.01 39.21 39.21 39.21 19.60 9.80
14.70 14.70 14.70 11.76 11.76 11.76 5.88 2.94
34.31 34.31 34.31 27.44 27.44 27.44 13.72 6.86
93.35 93.35 93.35 74.68 74.68 74.68 37.34 18.67
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

127.65 127.65 127.65 102.12 102.12 102.12 51.06 25.53

 Discounted Cashflow Evaluation of the Azeri, Chirag and Gunashli Project Assuming no debt of any form (Debt Financi

Year 1999 2000 2001 2002 2003

Annual Prod. (Million barrels) 0.00 0.00 0.00 36.50 36.50

AIOC Cash-flows

Revenue 0.00 0.00 0.00 365.00 365.00

less Production Cost 0.00 0.00 0.00 146.00 146.00
less Transportation Costs 0.00 0.00 0.00 109.50 109.50
= Gross Profit 0.00 0.00 0.00 109.50 109.50
- AIOC Cost Recovery (50% of Gross Profits) 0.00 0.00 0.00 54.75 54.75
= Pre-tax Profit 0.00 0.00 0.00 54.75 54.75
AIOC Share 0.00 0.00 0.00 38.33 38.33
- Azerbaijani Taxes 0.00 0.00 0.00 9.58 9.58
= After tax profit for AIOC 0.00 0.00 0.00 28.74 28.74
Add AIOC Cost Recovery 0.00 0.00 0.00 54.75 54.75
= Cash flow for Project to AIOC 0.00 0.00 0.00 83.49 83.49

BP Amoco Cash-flows

Proportion of BP Amoco in After Tax Profit for AIOC 0.00 0.00 0.00 9.80 9.80
less Interest Cost 0.00 11.08 22.17 34.36 45.44
= Profit Before Tax for BP Amoco 0.00 -11.08 -22.17 -24.55 -35.64
less Corporate Taxes of parent country @ 30% 0.00 -3.32 -6.65 -7.37 -10.69
= Profit after Tax for BP Amoco 0.00 -7.76 -15.52 -17.19 -24.95
Add Proportional share of AIOC Cost Recovery 0.00 0.00 0.00 18.67 18.67
less Capex Investment 341.00 341.00 375.10 341.00 511.50
Add Debt Issue or Redemption 170.50 170.50 187.55 170.50 255.75

= Cashflow Available to Equity Shareholders of BP Amoco -170.50 -178.26 -203.07 -169.02 -262.03

Cumulative Debt @ 6.5% 170.50 341.00 528.55 699.05 954.80

NPV @ 11.5% -846.51

IRR NA
of any form (Debt Financing by BP Amoco of 50%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
109.50 182.50 255.50 255.50 255.50 255.50 255.50 255.50 219.00 219.00 219.00 182.50

1095.00 1825.00 2555.00 2555.00 2555.00 2555.00 2555.00 2555.00 2190.00 2190.00 2190.00 1825.00
438.00 730.00 1022.00 1022.00 1022.00 1022.00 1022.00 1022.00 876.00 876.00 876.00 730.00
328.50 547.50 766.50 766.50 766.50 766.50 766.50 766.50 657.00 657.00 657.00 547.50
328.50 547.50 766.50 766.50 766.50 766.50 766.50 766.50 657.00 657.00 657.00 547.50
164.25 273.75 383.25 383.25 383.25 383.25 383.25 383.25 328.50 328.50 328.50 273.75
164.25 273.75 383.25 383.25 383.25 383.25 383.25 383.25 328.50 328.50 328.50 273.75
114.98 191.63 268.28 268.28 268.28 268.28 268.28 268.28 229.95 229.95 229.95 191.63
28.74 47.91 67.07 67.07 67.07 67.07 67.07 67.07 57.49 57.49 57.49 47.91
86.23 143.72 201.21 201.21 201.21 201.21 201.21 201.21 172.46 172.46 172.46 143.72
164.25 273.75 383.25 383.25 383.25 383.25 383.25 383.25 328.50 328.50 328.50 273.75
250.48 417.47 584.46 584.46 584.46 584.46 584.46 584.46 500.96 500.96 500.96 417.47

29.40 49.01 68.61 68.61 68.61 68.61 68.61 68.61 58.81 58.81 58.81 49.01
62.06 78.69 89.77 84.49 79.21 73.93 68.65 63.37 58.09 52.80 47.52 42.24
-32.66 -29.68 -21.16 -15.88 -10.60 -5.32 -0.03 5.25 0.72 6.00 11.29 6.76
-9.80 -8.90 -6.35 -4.76 -3.18 -1.59 -0.01 1.57 0.22 1.80 3.39 2.03
-22.86 -20.77 -14.81 -11.11 -7.42 -3.72 -0.02 3.67 0.51 4.20 7.90 4.73
56.01 93.35 130.69 130.69 130.69 130.69 130.69 130.69 112.02 112.02 112.02 93.35
511.50 341.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
255.75 170.50 -81.24 -81.24 -81.24 -81.24 -81.24 -81.24 -81.24 -81.24 -81.24 -81.24

-222.60 -97.93 34.64 38.34 42.03 45.73 49.43 53.12 31.29 34.98 38.68 16.85

1210.55 1381.05 1299.81 1218.57 1137.34 1056.10 974.86 893.62 812.38 731.14 649.91 568.67
 2016 2017 2018 2019 2020 2021 2022
182.50 182.50 146.00 146.00 146.00 73.00 36.50

1825.00 1825.00 1460.00 1460.00 1460.00 730.00 365.00

730.00 730.00 584.00 584.00 584.00 292.00 146.00
547.50 547.50 438.00 438.00 438.00 219.00 109.50
547.50 547.50 438.00 438.00 438.00 219.00 109.50
273.75 273.75 219.00 219.00 219.00 109.50 54.75
273.75 273.75 219.00 219.00 219.00 109.50 54.75
191.63 191.63 153.30 153.30 153.30 76.65 38.33
47.91 47.91 38.33 38.33 38.33 19.16 9.58
143.72 143.72 114.98 114.98 114.98 57.49 28.74
273.75 273.75 219.00 219.00 219.00 109.50 54.75
417.47 417.47 333.98 333.98 333.98 166.99 83.49

49.01 49.01 39.21 39.21 39.21 19.60 9.80

36.96 31.68 26.40 21.12 15.84 10.56 5.28
12.04 17.33 12.80 18.08 23.37 9.04 4.52
3.61 5.20 3.84 5.43 7.01 2.71 1.36
8.43 12.13 8.96 12.66 16.36 6.33 3.16
93.35 93.35 74.68 74.68 74.68 37.34 18.67
0.00 0.00 0.00 0.00 0.00 0.00 0.00
-81.24 -81.24 -81.24 -81.24 -81.24 -81.24 -81.24

20.54 24.24 2.40 6.10 9.80 -37.57 -59.40

487.43 406.19 324.95 243.71 162.48 81.24 0.00

 Discounted Cashflow Evaluation of the Azeri, Chirag and Gunashli Project Assuming no debt of any form (Projec

Year 1999 2000 2001 2002

Annual Prod. (Million barrels) 0.00 0.00 0.00 36.50

AIOC Cash-flows

Revenue 0.00 0.00 0.00 365.00

less Production Cost 0.00 0.00 0.00 146.00
less Transportation Costs 0.00 0.00 0.00 109.50
= Gross Profit 0.00 0.00 0.00 109.50
- AIOC Cost Recovery (50% of Gross Profits) 0.00 0.00 0.00 54.75
= Pre-tax Profit 0.00 0.00 0.00 54.75
AIOC Share 0.00 0.00 0.00 38.33
- Azerbaijani Taxes 0.00 0.00 0.00 9.58
= After tax profit for AIOC 0.00 0.00 0.00 28.74
Add AIOC Cost Recovery 0.00 0.00 0.00 54.75
= Cash flow for Project to AIOC 0.00 0.00 0.00 83.49

MIG Cashflows

MIG Share in AIOC Profits (68.9%) 0.00 0.00 0.00 26.41

less Interest for loan @ 10% 0.00 34.45 68.90 106.80
MIG Residual Profit 0.00 -34.45 -68.90 -80.39
Add AIOC Cost Recovery Share 0.00 0.00 0.00 37.72
Add Debt @ 10% for 41.8% 344.50 344.50 378.95 344.50
less Capex Investment 689.00 689.00 757.90 689.00
MIG Cashflow -344.50 -378.95 -447.85 -387.17

Cumulative Debt for MIG 344.50 689.00 1067.95 1412.45

BP Amoco Cash-flows

Proportion of BP Amoco in Residual Profit of MIG @ 50% 0.00 0.00 0.00 0.00
less Interest Cost 0.00 0.00 0.00 0.00
= Profit Before Tax for BP Amoco 0.00 0.00 0.00 0.00
less Corporate Taxes of parent country @ 30% 0.00 0.00 0.00 0.00
= Profit after Tax for BP Amoco 0.00 0.00 0.00 0.00
Add Proportional share of MIG Cost Recovery 0.00 0.00 0.00 18.86
less Equity Investment 172.25 172.25 189.48 172.25

= Cashflow Available to Equity Shareholders of BP Amoco -172.25 -172.25 -189.48 -153.39

NPV @ 11.5% -457.31

IRR 0.04
ng no debt of any form (Project Financing Through MIG)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
36.50 109.50 182.50 255.50 255.50 255.50 255.50 255.50 255.50 219.00 219.00 219.00

365.00 1095.00 1825.00 2555.00 2555.00 2555.00 2555.00 2555.00 2555.00 2190.00 2190.00 2190.00
146.00 438.00 730.00 1022.00 1022.00 1022.00 1022.00 1022.00 1022.00 876.00 876.00 876.00
109.50 328.50 547.50 766.50 766.50 766.50 766.50 766.50 766.50 657.00 657.00 657.00
109.50 328.50 547.50 766.50 766.50 766.50 766.50 766.50 766.50 657.00 657.00 657.00
54.75 164.25 273.75 383.25 383.25 383.25 383.25 383.25 383.25 328.50 328.50 328.50
54.75 164.25 273.75 383.25 383.25 383.25 383.25 383.25 383.25 328.50 328.50 328.50
38.33 114.98 191.63 268.28 268.28 268.28 268.28 268.28 268.28 229.95 229.95 229.95
9.58 28.74 47.91 67.07 67.07 67.07 67.07 67.07 67.07 57.49 57.49 57.49
28.74 86.23 143.72 201.21 201.21 201.21 201.21 201.21 201.21 172.46 172.46 172.46
54.75 164.25 273.75 383.25 383.25 383.25 383.25 383.25 383.25 328.50 328.50 328.50
83.49 250.48 417.47 584.46 584.46 584.46 584.46 584.46 584.46 500.96 500.96 500.96

26.41 79.22 132.03 184.84 184.84 184.84 184.84 184.84 184.84 158.44 158.44 158.44
141.25 192.92 244.60 279.05 262.63 246.22 229.80 213.39 196.97 180.56 164.14 147.73
-114.84 -113.70 -112.57 -94.20 -77.79 -61.37 -44.96 -28.55 -12.13 -22.12 -5.71 10.71
37.72 113.17 188.61 264.06 264.06 264.06 264.06 264.06 264.06 226.34 226.34 226.34
516.75 516.75 344.50 -164.14 -164.14 -164.14 -164.14 -164.14 -164.14 -164.14 -164.14 -164.14
1033.50 1033.50 689.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-593.87 -517.28 -268.45 5.71 22.13 38.54 54.95 71.37 87.78 40.07 56.48 72.90

1929.20 2445.95 2790.45 2626.31 2462.16 2298.02 2133.87 1969.73 1805.59 1641.44 1477.30 1313.15

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.35
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.35
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.61
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.75
18.86 56.58 94.31 132.03 132.03 132.03 132.03 132.03 132.03 113.17 113.17 113.17
258.38 258.38 172.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-239.51 -201.79 -77.94 132.03 132.03 132.03 132.03 132.03 132.03 113.17 113.17 116.92
 2015 2016 2017 2018 2019 2020 2021 2022
182.50 182.50 182.50 146.00 146.00 146.00 73.00 36.50

1825.00 1825.00 1825.00 1460.00 1460.00 1460.00 730.00 365.00

730.00 730.00 730.00 584.00 584.00 584.00 292.00 146.00
547.50 547.50 547.50 438.00 438.00 438.00 219.00 109.50
547.50 547.50 547.50 438.00 438.00 438.00 219.00 109.50
273.75 273.75 273.75 219.00 219.00 219.00 109.50 54.75
273.75 273.75 273.75 219.00 219.00 219.00 109.50 54.75
191.63 191.63 191.63 153.30 153.30 153.30 76.65 38.33
47.91 47.91 47.91 38.33 38.33 38.33 19.16 9.58
143.72 143.72 143.72 114.98 114.98 114.98 57.49 28.74
273.75 273.75 273.75 219.00 219.00 219.00 109.50 54.75
417.47 417.47 417.47 333.98 333.98 333.98 166.99 83.49

132.03 132.03 132.03 105.62 105.62 105.62 52.81 26.41

131.32 114.90 98.49 82.07 65.66 49.24 32.83 16.41
0.71 17.13 33.54 23.55 39.97 56.38 19.98 9.99
188.61 188.61 188.61 150.89 150.89 150.89 75.45 37.72
-164.14 -164.14 -164.14 -164.14 -164.14 -164.14 -164.14 -164.14
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
25.18 41.60 58.01 10.30 26.71 43.13 -68.72 -116.43

1149.01 984.86 820.72 656.58 492.43 328.29 164.14 0.00

0.36 8.56 16.77 11.78 19.98 28.19 9.99 5.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.36 8.56 16.77 11.78 19.98 28.19 9.99 5.00
0.11 2.57 5.03 3.53 5.99 8.46 3.00 1.50
0.25 6.00 11.74 8.24 13.99 19.73 6.99 3.50
94.31 94.31 94.31 75.45 75.45 75.45 37.72 18.86
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

94.56 100.30 106.05 83.69 89.43 95.18 44.72 22.36