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BHP Group Limited — Capital/Financing Update 2008
Mar 30, 2008
14787_rns_2008-03-30_91951480-952b-48c6-a7f9-7fedcec052a7.pdf
Capital/Financing Update
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NEWS RELEASE
Release Time IMMEDIATE Date 31 March 2008 Number 11/08
BHP BILLITON APPROVES FUNDING FOR NORTH WEST SHELF NORTH RANKIN GAS COMPRESSION PROJECT
BHP Billiton today announced approval for the North West Shelf’s North Rankin Gas Compression project which is designed to recover remaining lower pressure gas from the North Rankin and Perseus gas fields. BHP Billiton has approved expenditure of US$850 million (BHP Billiton share) on the project.
The project comprises a new gas compression platform, North Rankin B (NRB), to be constructed adjacent to the existing North Rankin A platform, which will itself require significant brownfield work including the installation of new equipment. The two platforms will be connected by a 100-metre bridge and operate as a single facility.
The NRB platform is a major offshore facility with a topsides weight of about 23,600 tonnes. NRB is expected to start-up in 2012, with-steady state production scheduled for early 2013.
BHP Billiton Petroleum Chief Executive J. Michael Yeager said the North Rankin B project would deliver high-value gas supply from the North West Shelf for another 25 years.
“The North Rankin B project is part of BHP Billiton’s continued commitment to developing Australia’s major resources. This extension of the North West Shelf project follows our approval of the fifth LNG train which significantly expanded the LNG facility as well as the Angel gas and condensate field which are under development,” he said.
“These investments in this long-life, world-class asset underpin a significant extension of BHP Billiton’s long-term production profile.”
North Rankin is located in 125 metres of water (410 feet), approximately 135 kilometres (80 miles) offshore from Karratha on the North West coast of Western Australia. Production from the North Rankin and Perseus fields started in 1984 and mid-1990’s respectively.
The six equal participants in the North West Shelf project are: Woodside Energy Ltd. (16.67 per cent and operator); BHP Billiton Petroleum (North West Shelf) Pty Ltd 16.67 per cent; BP Developments Australia Pty Ltd (16.67 per cent); Chevron Australia Pty Ltd (16.67 per cent); Japan Australia LNG (MIMI) Pty Ltd (16.67 per cent); and Shell Development (Australia) Pty Ltd (16.67 per cent). CNOOC NWS Private Limited is also a member of the North West Shelf Venture but does not have an interest in North West Shelf Venture infrastructure.
BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209 Registered in Australia Registered in England and Wales Registered Office: 180 Lonsdale Street Neathouse Place Melbourne Victoria 3000 Australia London SW1V 1BH United Kingdom Tel +61 1300 55 4757 Fax +61 3 9609 3015 Tel +44 20 7802 4000 Fax +44 20 7802 4111
A member of the BHP Billiton group which is headquartered in Australia
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Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com
Australia
Samantha Evans, Media Relations Tel: +61 3 9609 2898 Mobile: +61 400 693 915 Email: [email protected]
Don Carroll, Investor Relations Tel: +61 3 9609 2686 Mobile: +61 417 591 938 Email: [email protected]
United States
Tracey Whitehead, Investor & Media Relations Tel: US +1 713 599 6100 or UK +44 20 7802 4031 Mobile: +44 7917 648 093 Email: [email protected]
United Kingdom
Andre Liebenberg, Investor Relations Tel: +44 20 7802 4131 Mobile: +44 7920 236 974 Email: [email protected]
Illtud Harri, Media Relations Tel: +44 20 7802 4195 Mobile: +44 7920 237 246 Email: [email protected]
South Africa
Alison Gilbert, Investor Relations Tel: SA +27 11 376 2121 or UK +44 20 7802 4183 Mobile: +44 7769 936 227 Email: [email protected]