North West Shelf Venture Approves Angel Development

Development of the North West Shelf Venture's Angel gas and condensate field off the northwest of Western Australia will begin immediately following final investment decisions by all of the joint venture participants.

The A$1.6 billion project will include installation of the Venture's third major offshore production platform off the North West Shelf and associated infrastructure, including a new 50km subsea pipeline.

"The NWS Venture participant companies are excited to proceed with this new field development which will underpin current gas contracts and future sales," said Woodside's Director of North West Shelf Ventures, Dr. Jack Hamilton.

The remotely operated Angel processing platform will be in 80 meters of water about 49km east of the Venture's existing North Rankin production facility. Hydrocarbons will be produced through one processing unit with a capacity of up to 800 million standard cubic feet of gas a day and up to 50,000 barrels of condensate a day.

It will be tied in to the North Rankin platform via the new subsea pipeline.

The 7500 ton Angel jacket substructure and 7000 ton topside are expected to be installed and fully operational by Q4 2008.

The jacket will be secured to the seabed by eight drilled and grouted, piled foundations each weighing more than 3000 tons.

The Angel development will include three production wells which are scheduled for drilling between Q3 2006 and Q2 2007.

The six equal participants in the NWS Project are: Woodside Energy Ltd. (16.67% and operator); BHP Billiton (North West Shelf) Pty Ltd (16.67%); BP Developments Australia Pty Ltd (16.67%); Chevron Australia Pty Ltd (16.67%); Japan Australia LNG (MIMI) Pty Ltd (16.67%); and Shell Development (Australia) Proprietary Limited (16.67%).

CNOOC NWS Private Limited is also a member of the North West Shelf Venture but does not have an interest in North West Shelf Venture infrastructure.

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