North West Shelf Expands LNG Sales to Chubu Electric

A new liquefied natural gas supply agreement with a long-term Japanese customer further confirms growing market interest in safe, secure and reliable supplies of LNG from the North West Shelf Venture, according to North West Shelf Australia LNG.

Chubu Electric Power Company, Incorporated and the six participants in the North West Shelf Venture today signed a binding heads of agreement for the supply of over 24 trillion British thermal units, amounting to just less than 0.5 million tons, of LNG a year starting in April 2009 for seven years. This agreement expands the North West Shelf LNG sales to Chubu Electric to over 1 million tons a year from 2009.

North West Shelf Australia LNG President Peter Cleary welcomed today's signing of a heads of agreement between Chubu Electric Power Company, Incorporated and the Venture.

"Chubu Electric is a long-term and highly valued customer of the North West Shelf Venture," Mr. Cleary said.

"We are extremely pleased to further enhance our long-term business relationship and friendship with Chubu Electric which now extends more than 17 years."

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

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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