NWS Venture, Tohoku Electric Sign LNG Heads of Deal

The North West Shelf Venture participant companies and Tohoku Electric of Japan have signed a heads of agreement for the ongoing supply of liquefied natural gas from Australia's largest resources project.

In a multi-part deal commencing in April 2010, the North West Shelf Venture will:

--increase LNG quantities under an existing agreement
--convert that agreement from a loaded basis to an ex-ship basis
--supply a new quantity of LNG on an ex-ship basis

The net effect of these elements is to increase the supply of LNG by about 0.5 million tonnes a year starting in 2010 for eight years. Total North West Shelf Venture LNG sales to Tohoku Electric will now be about 1 million tonnes a year from 2010.

The six equal participants in the NWS 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%).

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