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BIL
BIBLT
BIL - BHP Billiton Plc - Approves Kipper Gas Field development offshore victoria
BHP Billiton Plc
Share code: BIL
ISIN: GB0000566504
BHP BILLITON APPROVES KIPPER GAS FIELD DEVELOPMENT OFFSHORE VICTORIA
BHP Billiton today announced that participants in the Kipper Gas Field
Development have approved the first phase of development of the Gippsland Basin
field located offshore Victoria to produce new supplies of natural gas and
liquids through new and existing Bass Strait facilities.
The first phase of the project includes two new subsea wells, three new
pipelines and platform modifications. Gas and liquids will be processed via Esso
and BHP Billiton`s Gippsland Joint Venture facilities. The Kipper field is
located approximately 45 kilometres from shore in about 100 metres of water, and
has a confirmed resource of approximately 620 billion cubic feet of recoverable
gas and 30 million barrels of condensate/LPG. Estimated field life is 15 years.
First production is expected in calendar year 2011.
Costs for this phase of the development of the Kipper gas field and related
Gippsland Basin infrastructure are approximately US$1.1 billion, of which BHP
Billiton`s share is 45 per cent (approximately US$500 million).
BHP Billiton Chief Executive Petroleum, J. Michael Yeager, said the Kipper
development is a welcome expansion to BHP Billiton`s producing assets in Bass
Strait.
"After over 30 years of production, our Gippsland Basin holdings continue to
provide significant development opportunities and Kipper is the latest addition.
Also, Kipper will be an important part of our Eastern Australia gas supply
portfolio and will allow us to meet expected South Eastern Australia gas
demand."
The Kipper Unit Joint Venture (KUJV) production will be the first gas to use the
Esso-BHP Billiton Gippsland Basin joint venture facility that has third-party
ownership.
The KUJV participants are: Esso Australia (32.5% and operator); BHP Billiton
(32.5%); and Santos (35%). The Gippsland Joint Venture participants are: Esso
Australia (50% and operator); BHP Billiton (50%).
Further information on BHP Billiton can be found on our Internet site:
www.bhpbilliton.com
Australia United Kingdom
Samantha Evans, Media Relations Andre Liebenberg, Investor Relations
Tel: +61 3 9609 2898 Tel: +44 20 7802 4131
Mobile: +61 400 693 915 Mobile: +44 7920 236 974
Email: Samantha.Evans@bhpbilliton.com Email:Andre.Liebenberg@bhpbilliton.com
Don Carroll, Investor Relations Illtud Harri, Media Relations
Tel: +61 3 9609 2686 Tel: +44 20 7802 4195
Mobile: +61 417 591 938 Mobile: +44 7920 237 246
Email: Don.A.Carroll@bhpbilliton.com Email: Illtud.Harri@bhpbilliton.com
United States South Africa
Tracey Whitehead, Investor & Media Alison Gilbert, Investor Relations
Relations Tel: SA +27 11 376 2121 or
Tel: US +1 713 599 6100 or UK +44 20 7802 4183
UK +44 20 7802 4031 Mobile: +44 7769 936 227
Mobile: +44 7917 648 093 Email: Alison.Gilbert@bhpbilliton.com
Email:Tracey.Whitehead@bhpbilliton.com
Date: 19/12/2007 07:29:01 Produced by the JSE SENS Department.
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