WorleyParsons Wins North West Shelf LNG Phase V Project

WorleyParsons has received a letter of intent for a major Liquefied Natural Gas (LNG) Project.

Woodside Energy Ltd, operator of the North West Shelf Venture, has issued a Letter of Intent to a joint venture of WorleyParsons and Foster Wheeler, for the Engineering, Procurement and Construction Management (EPCM) contract of its proposed Phase V LNG expansion project. The approximate value of the North West Shelf Venture's investment in this project is A$2 billion.

The LNG Phase V Project scope includes the design, construction and commissioning of a fifth LNG processing train, with a capacity of 4.2 million tonnes a year, together with other related expansion work at Woodside's onshore gas plant near Karratha in Western Australia.

The award of the EPCM contract is subject to approval of the Project by the North West Shelf Venture participants. Approval is planned for the first half of 2005, in line with a Q4 2008 start-up.

WorleyParsons Chief Executive Officer, Mr. John Grill, said:

"We are delighted to be involved in this significant and prestigious project for Woodside and its partners in the North West Shelf Venture. This development positions WorleyParsons well in the rapidly growing global LNG business particularly given the historical strength Parsons E&C brings to our existing onshore oil and gas capability.

"The signing of this Letter of Intent also follows closely after the award of the FEED contract for the North West Shelf Venture's Angel gas processing platform and further demonstrates the continuing strong relationship between the WorleyParsons Group and Woodside for both its offshore and onshore work.

"The success of our joint venture relationship with Foster Wheeler is another example of the strength of the partnering approach which is a foundation of our business."

The six equal participants in the LNG Phase V Project are: Woodside Energy Ltd. (16.67%) (Operator); BHP Billiton (North West Shelf) Pty Ltd (16.67%); BP Developments Australia Pty Ltd (16.67%); ChevronTexaco 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.