Woodside Approves Stybarrow Development

Woodside Energy Ltd., a wholly-owned subsidiary of Woodside Petroleum Ltd., has approved capital expenditure of about US$300 million for its share of the Stybarrow oil field development, off North West Cape in Western Australia.

Woodside has a 50% interest in Stybarrow, about 65km north-west of Exmouth. BHP Billiton holds the remaining 50% share and is the operator. First oil from Stybarrow, in permit WA-255-P(2), is planned for early 2008 with production capacity of about 80,000 barrels per day.

Oil will be produced through a sub-sea development and processed and stored in a disconnectable, new-build, double-hulled floating production storage and offtake facility that will be provided through a service agreement.

Production from Stybarrow will boost Woodside oil production in the region, with the nearby Enfield oil project planned to start production in late 2006.