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BHP Billiton to Develop Stybarrow Oil Field in Exmouth Sub-Basin
BHP Billiton Plc
Share Code: BIL
ISIN: GB0000566504
NEWS RELEASE
24 November 2005
BHP BILLITON TO DEVELOP STYBARROW OIL FIELD IN EXMOUTH SUB-BASIN
BHP Billiton today approved development of the Stybarrow oil field located in
licence block number WA-255-P(2) in the Exmouth Sub-basin, approximately 65
kilometres from Exmouth, off the north west Australian coast.
At a water depth of approximately 825 metres it will be the deepest oil field
development ever undertaken in Australia.
Project costs for Stybarrow are approximately US$600 million, of which BHP
Billiton"s share is 50% (approximately US$300 million). This expenditure
includes the cost of field development. There is also a 10 year minimum service
agreement with a Floating Production Storage and Offtake (FPSO) provider.
Discovered in February 2003, Stybarrow and the adjacent small oil rim of the
Eskdale field have recoverable oil reserves estimated in a range of 60-90
million barrels of oil.
BHP Billiton Group President Energy, Philip Aiken, said the Stybarrow
Development would expand BHP Billiton"s producing assets in Western Australia.
"Stybarrow represents the first opportunity for BHP Billiton to commercialise
reserves in the Exmouth Sub-basin which is increasing in importance as an oil
province in Australian waters. Our focus in the region is in on seeking
opportunities where discoveries can be appraised and rapidly advanced into
developments," Mr Aiken said.
The Stybarrow project involves a subsea development and an FPSO facility which
will be used to process, store and offload oil to export tankers. The vessel
will be disconnectable, double-hulled and able to process approximately 80,000
barrels of liquids a day.
First production is expected during the first quarter of calendar year 2008. The
estimated economic field life is 10 years.
The Stybarrow project has been subject to a comprehensive environmental impact
assessment process that has involved extensive consultation with the local
community and other key stakeholders.
BHP Billiton is the Operator (50%), with joint venture partner Woodside Energy
Limited (50%).
Further information on BHP Billiton can be found on our Internet site:
http://www.bhpbilliton.com
Australia United Kingdom
Jane Belcher, Investor Relations Mark Lidiard, Investor & Media
Tel: +61 3 9609 3952 Relations
Mobile: +61 417 031 653 Tel: +44 20 7802 4156
email: Jane.H.Belcher@bhpbilliton.com Mobile: +44 7769 934 942
email: Mark.Lidiard@bhpbilliton.com
Tania Price, Media Relations Ariane Gentil, Media Relations
Tel: +61 3 9609 3815 Tel: +44 20 7802 4177
Mobile: +61 419 152 780 Mobile: +44 7881 518 715
email: Tania.Price@bhpbilliton.com email: Ariane.Gentil@bhpbilliton.com
United States South Africa
Tracey Whitehead, Investor & Media Alison Gilbert, Investor Relations
Relations Tel: SA +27 11 376 2121 or
Tel: US +1 713 599 6100 or UK +44 20 7802 4183
UK +44 20 7802 4031 email: Alison.Gilbert@bhpbilliton.com
Mobile: +44 7917 648 093
email: Tracey.Whitehead@bhpbilliton.com
Date: 24/11/2005 08:31:12 AM Produced by the JSE SENS Department
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