BHP Group Limited — Capital/Financing Update 2008

Dec 2, 2008

ASX ANNOUNCEMENT

Wednesday, 3 December 2008

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NORTH WEST SHELF OIL REDEVELOPMENT PROJECT APPROVED

One of Australia’s most productive oil developments will remain in production beyond 2020 after participants in the Cossack Wanaea Lambert Hermes (CWLH) Joint Venture committed to the redevelopment of the project.

The CWLH fields 135km northwest of Karratha in Western Australia have produced 395 million barrels of oil since production began in 1995.

The project scope of the redevelopment work includes the purchase and conversion of the Okha floating storage and offloading facility into a floating production storage and offloading facility to replace the Cossack Pioneer in 2010, as well as the replacement of associated subsea infrastructure.

At a total investment of about A$1.8 billion (Woodside share A$600 million), the CWLH Redevelopment Project will support ongoing safe and reliable production from the CWLH fields beyond 2020.

Woodside Executive Vice President, North West Shelf, Eve Howell said the redevelopment decision was a vote of confidence by the CWLH participants in the future of the 13-year-old project.

“The CWLH project is one of Australia’s most enduring and reliable oil developments and this redevelopment decision will ensure continued safe and reliable production from these fields for many years to come,” Ms Howell said.

The CWLH Joint Venture participants are: Operator 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%).

Contacts: MEDIA

Jessica Bowker W: + 61 8 9348 4930 M: + 61 420 717 714 E: jessica.bowker@woodside.com.au

INVESTORS

Mike Lynn

W: + 61 8 9348 4283 M: + 61 439 691 592 E: investor@woodside.com.au