Future Growth

In March 2008 the North West Shelf Venture participants approved funding of the North Rankin Redevelopment Project, which involves the installation of a second offshore gas processing facility (North Rankin B) alongside the existing North Rankin A platform. The project is scheduled for start-up in 2013 and will extend field life to around 2040.

Woodside acquired Shell Development (Australia) Pty Ltd’s 16.67 per cent interest in the North West Shelf oil interests in May 2008, and in December 2008 the five Cossack Wanaea Lambert and Hermes oil venture participants (CWLH joint venture) approved funding for the replacement of the Cossack Pioneer FPSO in 2010, and the replacement of associated subsea infrastructure.

The North West Shelf Venture is also considering commercilaisation of the Greater Western Flank gas area, which could involve development of up to 14 fields, to maintain long term supply to the Karratha Gas Plant.