24th Nov 2005 07:00
BHP Billiton PLC24 November 2005 24 November 2005Number 45/05 BHP BILLITON TO DEVELOP STYBARROW OIL FIELD IN EXMOUTH SUB-BASIN BHP Billiton today approved development of the Stybarrow oil field located inlicence block number WA-255-P(2) in the Exmouth Sub-basin, approximately 65kilometres from Exmouth, off the north west Australian coast. At a water depth of approximately 825 metres it will be the deepest oil fielddevelopment ever undertaken in Australia. Project costs for Stybarrow are approximately US$600 million, of which BHPBilliton's share is 50% (approximately US$300 million). This expenditureincludes the cost of field development. There is also a 10 year minimum serviceagreement with a Floating Production Storage and Offtake (FPSO) provider. Discovered in February 2003, Stybarrow and the adjacent small oil rim of theEskdale field have recoverable oil reserves estimated in a range of 60-90million barrels of oil. BHP Billiton Group President Energy, Philip Aiken, said the StybarrowDevelopment would expand BHP Billiton's producing assets in Western Australia. "Stybarrow represents the first opportunity for BHP Billiton to commercialisereserves in the Exmouth Sub-basin which is increasing in importance as an oilprovince in Australian waters. Our focus in the region is in on seekingopportunities where discoveries can be appraised and rapidly advanced intodevelopments," Mr Aiken said. The Stybarrow project involves a subsea development and an FPSO facility whichwill be used to process, store and offload oil to export tankers. The vesselwill be disconnectable, double-hulled and able to process approximately 80,000barrels of liquids a day. First production is expected during the first quarter of calendar year 2008. Theestimated economic field life is 10 years. The Stybarrow project has been subject to a comprehensive environmental impactassessment process that has involved extensive consultation with the localcommunity and other key stakeholders. BHP Billiton is the Operator (50%), with joint venture partner Woodside EnergyLimited (50%). Further information on BHP Billiton can be found on our Internet site: http://www.bhpbilliton.comAustralia United KingdomJane Belcher, Investor Relations Mark Lidiard, Investor & MediaTel: +61 3 9609 3952 Mobile: +61 417 Relations031 653 Tel: +44 20 7802 4156 Mobile: +44 7769email: [email protected] 934 942 email: [email protected] Price, Media Relations Ariane Gentil, Media RelationsTel: +61 3 9609 3815 Mobile: +61 419 Tel: +44 20 7802 4177 Mobile: +44 7881152 780 518 715email: [email protected] email: [email protected] United States South AfricaTracey Whitehead, Investor & Media Alison Gilbert, Investor RelationsRelations Tel: SA +27 11 376 2121 or UK +44 20Tel: US +1 713 599 6100 or UK +44 20 7802 41837802 4031 email: [email protected]: +44 7917 648 093email:[email protected] BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209Registered in Australia Registered in England and WalesRegistered Office: Level 27, 180 Lonsdale Street Melbourne Registered Office: Neathouse Place London SW1V 1BH UnitedVictoria 3000 KingdomTelephone +61 1300 554 757 Facsimile +61 3 9609 3015 Telephone +44 20 7802 4000 Facsimile +44 20 7802 4111 The BHP Billiton Group is headquartered in Australia This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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