Regional LNG: Release: Woodside Petroleum: NWS and Kyushu Electric sign LNG HoA

(February 23, 2007) The North West Shelf Venture participant companies and Kyushu Electric Power Company, Incorporated of Japan have signed a heads of agreement for the ongoing supply of liquefied natural gas from Australia?s largest resources project.

All eight of the North West Shelf Venture?s original Japanese LNG customers have now renewed their long-term LNG purchase commitments.

The North West Shelf Venture will supply 0.73 million tonnes a year to Kyushu Electric in an eightyear deal commencing in April 2009.

Kyushu Electric is Japan?s fourth largest power utility. Kyushu Electric?s service area, centred on the island of Kyushu, is home to about 15 million people and accounts for around 9.5 per cent of Japan?s GDP.

Kyushu Electric is a long standing customer of the NWSV, having signed an original contract in 1985 that ends in March 2009 and a further contract in 2002.

The six equal participants in the NWS Venture are: Woodside Energy Ltd. (16.67% and operator); BHP Billiton Petroleum (North West Shelf) Pty Ltd (16.67%); BP Developments Australia Pty Ltd (16.67%); Chevron Australia Pty Ltd (16.67%); Japan Australia LNG (MIMI) Pty Ltd (16.67%); and Shell Development (Australia) Proprietary Limited (16.67%).

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.(end of release)