Regional LNG: Release: Woodside Petroleum: NWS Venture and Kogas extend LNG agreement

( Jan 19, 2007) - The North West Shelf Venture participants and Korea Gas Corporation have signed an LNG sale and purchase agreement for the ongoing supply of liquefied natural gas from Australia?s largest resources project.

In a deal starting in April 2009, the North West Shelf Venture Will supply Kogas with up to 0.5 million tonnes a year of LNG for seven years on a delivered basis.

Kogas is an important customer of the North West Shelf having signed a contract in 2003 that ends in March 2010. This sale and purchase agreement amends and extends the initial contract.

The six equal participants in the North West Shelf 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 Ply Ltd (16.67%); Japan Australia LNG (MIMI) Ply 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 is not a party to this agreement. (end of release)