Regional LNG: Release: Woodside Petroleum: NWS Venture and Osaka Gas sign LNG HoA

(Perth, Dec 21, 2006) The North West Shelf participants and Osaka Gas Co., Ltd. of Japan have signed a heads of agreement for the ongoing supply of liquefied natural gas from Australia?s largest resources project.

Osaka Gas Co., Ltd. is another of the North West Shelf?s original Japanese LNG customers to renew its long term LNG supply requirements this year. The deal is for the supply of approximately 0.5 million tonnes a year for six years, to be delivered in Japan by the North West Shelf participants, and will commence in April 2009.

Osaka Gas Co., Ltd. is the country?s second largest gas company serving 6.8 million customers in the Kansai region representing 27 per cent of Japan?s city gas market.

Osaka Gas is a long standing customer of the North West Shelf Venture, having signed long-term contracts in 1985 and 2002.

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 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 is not a party to this agreement.(end of release)