North West Shelf Partners Sign Three LNG Supply Deals

The North West Shelf Venture participants have signed three heads-of agreement for the ongoing supply of liquefied natural gas from Australia's largest resources project. The deals are with Tokyo Electric Power Co., Osaka Gas Co., Ltd., and Tokyo Gas.

The eight-year deal with Tokyo Electric Power Company, one of the North West Shelf Venture's original Japanese LNG customers, is a renewal of that company's long-term LNG supply requirements. The venture will supply Tokyo Electric with five cargoes of LNG a year--about 0.3 million tonnes a year--on an ex-ship basis. The agreement goes into effect in April 2009.

Osaka Gas Co., Ltd. is another of the North West Shelf's original Japanese LNG customers to renew its long-term LNG supply requirements this year. The deal is for the supply of approximately 0.5 million tonnes a year for six years, to be delivered in Japan by the North West Shelf participants. It will commence in April 2009.

In a deal commencing in April 2009, the North West Shelf participants will supply around 0.53 million tonnes a year of additional LNG for eight years to Tokyo Gas on a delivered Japan basis.

The Tokyo Electric Power Company is the largest power utility and largest consumer of LNG in Japan, serving more than 27 million customers in and around the Tokyo area. It is a long-standing customer of the North West Shelf Venture, having signed a contract in 1985 that ends in March 2009.

Osaka Gas Co., Ltd. Japan's second-largest gas company, serving 6.8 million customers in the Kansai region and representing 27 percent of the country's city gas market. Osaka Gas is a long-standing customer of the North West Shelf Venture, having signed long-term contracts in 1985 and 2002.

Tokyo Gas is Japan's largest gas utility company and its second-largest consumer of LNG. Tokyo Gas services the Tokyo region, which has a population of approximately 44 million people and accounts for about 39 percent of Japan's GDP. It is also a long-standing customer of the North West Shelf, having signed an original contract in 1985 that ends in March 2009. In addition, the NWS participants and Tokyo Gas have an existing contract that started in 2003.

The six equal participants in the North West Shelf Venture are: Woodside Energy Ltd. (16.67% and operator); BHP Billiton Petroleum (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 is not a party to these agreements.

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