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BIL - BHP Billiton Plc - BHP Billiton approves revised costs for Kipper and
Turrum Petroleum Projects
BHP Billiton Plc
Share code: BIL
ISIN: GB0000566504
NEWS RELEASE
Release IMMEDIATE
Time
Date 20 January 2011
Number 01/11
BHP BILLITON APPROVES REVISED COSTS FOR KIPPER AND TURRUM PETROLEUM PROJECTS
BHP Billiton today announced the approval of increased capital expenditure for
the Esso Australia operated Kipper and Turrum projects in the Gippsland Basin,
offshore Victoria.
Kipper`s capital expenditure has increased to US$900 million (BHP Billiton
share) and the facilities are now forecast to be completed in calendar year
2012. Mercury was encountered in the reservoir during development drilling and
mercury mitigation will be managed as a separate project. The timing of first
production is subject to resolution of the mercury related issues.
Turrum`s expenditure has been adjusted to US$1,350 million (BHP Billiton share)
and is now forecast to begin production in calendar year 2013.
Additional design and fabrication of key structural components has delayed
installation and increased the offshore hook up campaign resulting in the cost
and schedule adjustments.
The Kipper field has confirmed resources of approximately 620 billion cubic feet
of recoverable gas and 30 million barrels of oil and gas liquids. Turrum 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.
The Kipper Unit Joint Venture participants are Esso Australia Resources Pty Ltd
(32.5 per cent and operator); BHP Billiton (32.5 per cent); and Santos (35.0 per
cent).
Turrum is part of the Gippsland Basin Joint Venture in which BHP Billiton and
Esso Australia Resources Pty Ltd (operator), each have a 50 per cent interest.
Cautionary Statement Regarding Forward-Looking Statements
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.
Further information on BHP Billiton can be found on our Internet site:
www.bhpbilliton.com
Australia United Kingdom & South Africa
Brendan Harris, Investor Relations Andre Liebenberg, Investor Relations
Tel: +61 3 9609 4323 Mobile: +61 437 Tel: +44 20 7802 4131 Mobile: +44 7920
134 814 236 974
email: Brendan.Harris@bhpbilliton.com email: Andre.Liebenberg@bhpbilliton.com
Leng Lau, Investor Relations United Kingdom & Americas
Tel: +61 3 9609 4202 Mobile: +61 403 Ruban Yogarajah, Media Relations
533 706 Tel: US +1 713 966 2907 or UK +44 20
email: Leng.Y.Lau@bhpbilliton.com 7802 4033
Mobile: UK +44 7827 082 022
Amanda Buckley, Media Relations email: Ruban.Yogarajah@bhpbilliton.com
Tel: +61 3 9609 2209 Mobile: +61 419
801 349 Americas
email: Amanda.Buckley@bhpbilliton.com Scott Espenshade, Investor Relations
Tel: +1 713 599 6431 Mobile: +1 713
Kelly Quirke, Media Relations 208 8565
Tel: +61 3 9609 2896 Mobile: +61 429 email: Scott.Espenshade@bhpbilliton.com
966 312
email: Kelly.Quirke@bhpbilliton.com
Fiona Martin, Media Relations
Tel: +61 3 9609 2211 Mobile: +61 427
777 908
email: Fiona.Martin2@bhpbilliton.com
BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number
Registered in Australia 3196209
Registered Office: 180 Lonsdale Street Registered in England and Wales
Melbourne Victoria 3000 Australia Registered Office: Neathouse Place
Tel +61 1300 55 4757 Fax +61 3 9609 London SW1V 1BH United Kingdom
3015 Tel +44 20 7802 4000 Fax +44 20 7802
4111
Members of the BHP Billiton group which is headquartered in Australia
Date: 20/01/2011 07:07:02 Supplied by www.sharenet.co.za
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