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BIL
BIBLT
BIL - BHP Billiton - Approves Turrum field development offshore Victoria
BHP Billiton Plc
Share code: BIL
ISIN: GB0000566504
25 July 2008
Number 28/08
BHP BILLITON APPROVES TURRUM FIELD DEVELOPMENT OFFSHORE VICTORIA
BHP Billiton today announced it has approved an expenditure of US$625 million
(BHP Billiton share) for the full field development of the Turrum oil and gas
field, a significant hydrocarbon resource in the Gippsland Basin, offshore
Victoria. The Turrum development will produce new supplies of natural gas and
liquids through new and existing Bass Strait facilities.
Turrum is part of the Gippsland Basin Joint Venture in which BHP Billiton and
ExxonMobil subsidiary, Esso Australia Resources Pty Ltd (operator), each have a
50 per cent interest.
BHP Billiton Petroleum Chief Executive J. Michael Yeager said the Turrum project
would build on BHP Billiton`s long-life producing assets in Bass Strait and
follows the recent approval of the Kipper Gas Field Development in December
2007.
"BHP Billiton`s investment to develop the Turrum field is yet another step in
delivering significant value to our shareholders, while also adding new supplies
of oil and natural gas to meet the future energy needs of South Eastern
Australia. Our Bass Strait resource base continues to have significant
opportunities to develop, even after producing for nearly four decades."
The development consists of a new platform, Marlin B, linked by a bridge to the
existing Marlin A platform. Marlin A will require upgrading to accommodate the
bridge and new equipment. The field is expected to start up in 2011. Initially
gas will be injected back into the reservoir after capturing oil and gas
liquids. Gas sales are expected to then commence in 2015 at approximately 200
million cubic feet per day, on a 100 per cent basis. All products will be
processed by the Gippsland Basin Joint Venture facilities.
The Turrum field is located 42 kilometres from shore in about 60 metres of
water. Full field development is expected to recover approximately 1 trillion
cubic feet of natural gas and 110 million barrels of oil and gas liquids, on a
100 per cent basis.
Further information on BHP Billiton can be found on our Internet site:
www.bhpbilliton.com
Australia
Samantha Evans, Media Relations
Tel: +61 3 9609 2898Mobile: +61 400 693 915
email: Samantha.Evans@bhpbilliton.com
Leng Lau, Investor Relations
Tel: +61 3 9609 4202Mobile: +61 403 533 706
email: Leng.Y.Lau@bhpbilliton.com
United Kingdom & South Africa
Andre Liebenberg, Investor Relations
Tel: +44 20 7802 4131Mobile: +44 7920 236 974
email: Andre.Liebenberg@bhpbilliton.com
Illtud Harri, Media Relations
Tel: +44 20 7802 4195Mobile: +44 7920 237 246
email: Illtud.Harri@bhpbilliton.com
United States
Scott Espenshade, Investor Relations
Tel: +1 713 599 6431 Mobile: +1 713 208 8565
email: Scott.Espenshade@bhpbilliton.com
IMPORTANT NOTICES
Cautionary Note to US Investors - The SEC permits oil and gas companies, in
their filings with the SEC, to disclose only proved reserves that a company has
demonstrated by actual production or conclusive formation tests to be
economically and legally producible under existing economic and operating
conditions. BHP Billiton uses certain terms in this release, including "
hydrocarbon resource", that the SEC`s guidelines strictly prohibit oil and gas
companies from including in filings with the SEC. US Investors are urged to
consider closely the disclosure in BHP Billiton`s Annual Report on Form 20-F for
the year ended June 30, 2007, File No. 001-09526 (for BHP Billiton Limited) and
File No. 001-31714 (for BHP Billiton Plc), available from BHP Billiton at BHP
Billiton Limited, 180 Lonsdale Street, Melbourne, Victoria, 3000 Australia or at
BHP Billiton Plc, Neathouse Place, Victoria, London, United Kingdom. You can
also obtain BHP Billiton`s Annual Report from the SEC by calling 1-800-SEC-0330
or by visiting the SEC`s website (http://www.sec.gov).
This document contains certain forward-looking statements relating to the
business, financial performance and results of the Company and/or the industry
in which it operates. Forward-looking statements concern future circumstances
and results and other statements that are not historical facts, sometimes
identified by the words "believes", "expects", "predicts", "intends",
"projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets",
and similar expressions. The forward-looking statements contained in this
document, including assumptions, opinions and views of the Company or cited from
third party sources are solely opinions and forecasts which are uncertain and
subject to risks. A multitude of factors can cause actual events to differ
significantly from any anticipated development. Neither the Company nor any of
its subsidiaries nor any of its officers or employees guarantees that the
assumptions underlying such forward-looking statements are free from errors nor
does any of the foregoing accept any responsibility for the future accuracy of
the opinions expressed in this document or the actual occurrence of the
forecasted developments.
BHP Billiton Limited ABN 49 004 028 077
Registered in Australia
Registered Office:
Level 27, 180 Lonsdale Street Melbourne Victoria 3000
Telephone +61 1300 554 757
Facsimile +61 3 9609 3015
BHP Billiton Plc Registration number 3196209
Registered in England and Wales
Registered Office: Neathouse Place London SW1V 1BH United Kingdom
Telephone +44 20 7802 4000
Facsimile +44 20 7802 4111
The BHP Billiton Group is headquartered in Australia
Date: 25/07/2008 07:27:25 Produced by the JSE SENS Department.
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