The Pyrenees project consists of the development of the Crosby, Ravensworth and Stickle oil fields which were discovered in 2003 at water depths ranging from 169 metres (555 feet) to 250 metres (820 feet.) The fields are developed with very long horizontal wells drilled from the sea floor and then tied back to the Pyrenees FPSO via an extensive gathering system. Water injection is incorporated to enhance oil recovery.

The Pyrenees FPSO is a double-hulled vessel with a disconnectable turret mooring system. Gas produced by the development will be reinjected into the reservoir of the nearby Macedon gas field for future recovery.

The project is located in production license area WA-42-L. The joint venture partners are BHP Billiton (71.43% and Operator) and Apache Corporation (28.57%).

Part of the Ravensworth field is located in production license WA-43-L where BHP Billiton, Operator, holds 39.999%. The Joint Venture partners in WA-43-L are Apache Corporation (31.501%) and INPEX (28.5%). This separate segment of the Pyrenees project will have its own wells and gathering system.

A commercial arrangement has been made between the WA-42-L and WA-43-L Joint Ventures, whereby oil from production license WA-43-L will be produced into the WA-42-L owned facility via a tie-in agreement. Production from the WA-43-L areas will commence later in 2010 calendar year.

Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com

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