North West Shelf Formalizes LNG Agreement with China

North West Shelf Venture LNG Sellers have formally signed sales and purchase agreements with China's Guangdong LNG buying consortium. The agreements cover the sale and purchase of about 3.3 million tons of LNG a year for 25 years, starting in late 2005. The agreements formalize the decision announced by the People's Republic of China on August 8, 2002 to award China's first LNG contract to Australia. Woodside's Managing Director, John Akehurst, said that Woodside is committed to delivering outstanding and reliable service to its new customers in China. "We have significant gas resources, backed by the reliability of our integrated gas plant," he said.

"Our operating performance has been outstanding with recent production at record levels, an enviable track record in LNG delivery and a committed approach to health, safety and environmental management."

Mr. Akehurst acknowledged the efforts of 'Team Australia' – the Australian and Western Australian Governments and the North West Shelf Venture's marketing group for China, Australia LNG, in winning the contracts and finalizing the agreements. Woodside is a 16.67% participant in the current North West Shelf LNG Venture.