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BIL
BIBLT
BIL - BHP Billiton Approves Pyrenees Project Offshore Western Australia
Bhp Billiton Plc
Share Code: BIL
ISIN: GB0000566504
NEWS RELEASE
3 July 2007
BHP BILLITON APPROVES PYRENEES PROJECT OFFSHORE WESTERN AUSTRALIA
BHP Billiton today announced approval of the Pyrenees project located in licence
block number WA-12-R in the Exmouth Sub-basin, off the North West Australian
coast. First production is expected during the first half of calendar year 2010.
Project costs for the Pyrenees development are approximately US$1.7 billion, of
which BHP Billiton`s share is 71.43 per cent (approximately US$1.2 billion). The
expenditure includes the purchase of a floating production, storage and
offloading vessel (FPSO) and the development of 13 subsea wells tied back to
this facility. The field is estimated to have an economic life of 25 years and
BHP Billiton is the operator.
The other co-venturer in the project is Apache Corporation with a 28.57 percent
interest.
The Pyrenees fields of Crosby, Ravensworth and Stickle were discovered in WA-12-
R in July 2003 and have estimated recoverable oil reserves in the range of 80-
120 million barrels of oil. Water depth across the development area is between
170 to 250 metres.
BHP Billiton Group President Energy, J. Michael Yeager said the Pyrenees
development is a welcome expansion to BHP Billiton`s oil producing assets in
Western Australia.
"The Pyrenees development presents another solid opportunity for the Company to
commercialise reserves in the Exmouth Sub-basin, an important oil region in
Australian waters," Mr Yeager said.
"Pyrenees is the second FPSO development we are undertaking in the region and
builds on our knowledge and execution capability in Western Australia. In
November 2005 we approved the development of the Stybarrow oil field located in
the Exmouth Sub-basin, approximately 20 kilometres west of the Pyrenees
development. Stybarrow start up is on schedule for the first quarter of calendar
year 2008."
The FPSO vessel will be disconnectable, double hulled and able to process
approximately 96,000 barrels of oil a day. Oil export will be via shuttle
tankers.
The Pyrenees WA-12-R project has been subjected to a comprehensive environmental
impact assessment process that has involved extensive consultation with the
local community and other key stakeholders.
Australia United Kingdom
Samantha Evans, Media Relations Mark Lidiard, Investor & Media
Tel: +61 3 9609 2898 Mobile: +61 400 Relations
693 915 Tel: +44 20 7802 4156 Mobile: +44
email: Samantha.Evans@bhpbilliton.com 7769 934 942
email: Mark.Lidiard@bhpbilliton.com
Jane Belcher, Investor Relations Illtud Harri, Media Relations
Tel: +61 3 9609 3952 Mobile: +61 417 Tel: +44 20 7802 4195 Mobile: +44
031 653 7920 237 246
email: Jane.H.Belcher@bhpbilliton.com email: Illtud.Harri@bhpbilliton.com
United States South Africa
Tracey Whitehead, Investor & Media Alison GIlbert, Investor Relations
Relations Tel: SA +27 11 376 2121 or UK +44
Tel: US +1 713 599 6100 or UK +44 20 20 7802 4183
7802 4031 Mobile: +44 7769 936 227
Mobile: +44 7917 648 093 Email:
email: Alison.Gilbert@bhpbilliton.com
Tracey.Whitehead@bhpbilliton.com
About BHP Billiton
BHP Billiton is the world`s largest diversified resources company, with a
portfolio of high-quality, long-life assets and a significant pipeline of growth
projects. The Company employs approximately 37,000 people at more than 100
locations in more than 25 countries. BHP Billiton Petroleum is a substantial oil
and gas exploration and production business. Its principal activities are oil
and natural gas exploration, development, production and marketing. Further
information on BHP Billiton can be found on our Internet site:
www.bhpbilliton.com
Date: 03/07/2007 14:55:39 Produced by the JSE SENS Department.
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