BHP Billiton OKs Western Australia redevelopment

BHP Billiton has approved the North West Shelf Cossack, Wanaea, Lambert, Hermes (CWLH) redevelopment project. The project will replace the existing Cossack Pioneer FPSO and refurbish selected existing subsea infrastructure and the riser turret mooring.

Offshore staff

MELBOURNE, Australia --BHP Billiton has approved the North West Shelf Cossack, Wanaea, Lambert, Hermes (CWLH) redevelopment project. The project will replace the existing Cossack Pioneer FPSO and refurbish selected existing subsea infrastructure and the riser turret mooring.

Upon completion, it also will capture additional oil production from CWLH fields in 75 m to 135 m (245 ft to 440 ft) of water some 135 km (84 mi) offshore Western Australia.

The project is expected to be complete and operational in early 2011.

SBM Offshore NV has signed a turnkey contract to supply the disconnectable FPSO.

"We anticipate this project will generate over 10 MMbbl of oil (BHP Billiton share) during its life and it will also extend the life of these fields beyond 2020," says BHP CEO J. Michael Yeager. "During the 2008 calendar year, BHP Billiton has approved the investment of over $1.1 billion in the overall North West Shelf infrastructure with North Rankin B gas compression and now this project. North West Shelf is a world class asset and represents a significant part of Petroleum's deep portfolio of growth projects that will carry us forward."

Participants in the project are Woodside Energy Ltd. (33.33%), BHP Billiton Petroleum (North West Shelf) Pty Ltd (16.67%), BP Developments Australia Pty Ltd (16.67%), Chevron Australia Pty Ltd (16.67%), and Japan Australia LNG (MIMI) Pty Ltd (16.67%)

12/03/2008

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