3rd Jul 2007 13:22
BHP Billiton PLC03 July 2007 NEWS RELEASE Release Time IMMEDIATE Date 3 July 2007 Number 21/07 BHP BILLITON APPROVES PYRENEES PROJECT OFFSHORE WESTERN AUSTRALIA BHP Billiton today announced approval of the Pyrenees project located in licenceblock number WA-12-R in the Exmouth Sub-basin, off the North West Australiancoast. First production is expected during the first half of calendar year 2010. Project costs for the Pyrenees development are approximately US$1.7 billion, ofwhich BHP Billiton's share is 71.43 per cent (approximately US$1.2 billion). Theexpenditure includes the purchase of a floating production, storage andoffloading vessel (FPSO) and the development of 13 subsea wells tied back tothis facility. The field is estimated to have an economic life of 25 years andBHP Billiton is the operator. The other co-venturer in the project is Apache Corporation with a 28.57 percentinterest. The Pyrenees fields of Crosby, Ravensworth and Stickle were discovered inWA-12-R in July 2003 and have estimated recoverable oil reserves in the range of80-120 million barrels of oil. Water depth across the development area isbetween 170 to 250 metres. BHP Billiton Group President Energy, J. Michael Yeager said the Pyreneesdevelopment is a welcome expansion to BHP Billiton's oil producing assets inWestern Australia. "The Pyrenees development presents another solid opportunity for the Company tocommercialise reserves in the Exmouth Sub-basin, an important oil region inAustralian waters," Mr Yeager said. "Pyrenees is the second FPSO development we are undertaking in the region andbuilds on our knowledge and execution capability in Western Australia. InNovember 2005 we approved the development of the Stybarrow oil field located inthe Exmouth Sub-basin, approximately 20 kilometres west of the Pyreneesdevelopment. Stybarrow start up is on schedule for the first quarter of calendaryear 2008." The FPSO vessel will be disconnectable, double hulled and able to processapproximately 96,000 barrels of oil a day. Oil export will be via shuttletankers. The Pyrenees WA-12-R project has been subjected to a comprehensive environmentalimpact assessment process that has involved extensive consultation with thelocal community and other key stakeholders. Australia United KingdomSamantha Evans, Media Relations Mark Lidiard, Investor & Media RelationsTel: +61 3 9609 2898 Mobile: +61 400 693 915 Tel: +44 20 7802 4156 Mobile: +44 7769 934 942email: [email protected] email: [email protected] Jane Belcher, Investor Relations Illtud Harri, Media RelationsTel: +61 3 9609 3952 Mobile: +61 417 031 653 Tel: +44 20 7802 4195 Mobile: +44 7920 237 246email: [email protected] email: [email protected] United States South AfricaTracey Whitehead, Investor & Media Relations Alison GIlbert, Investor RelationsTel: US +1 713 599 6100 or UK +44 20 7802 4031 Tel: SA +27 11 376 2121 or UK +44 20 7802 4183Mobile: +44 7917 648 093 Mobile: +44 7769 936 227email: [email protected] Email: [email protected] About BHP Billiton BHP Billiton is the world's largest diversified resources company, with aportfolio of high-quality, long-life assets and a significant pipeline of growthprojects. The Company employs approximately 37,000 people at more than 100locations in more than 25 countries. BHP Billiton Petroleum is a substantial oiland gas exploration and production business. Its principal activities are oiland natural gas exploration, development, production and marketing. Furtherinformation on BHP Billiton can be found on our Internet site:www.bhpbilliton.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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