Steve banks woodside browse ukti aog presentation

WoodsideBrowse LNG Development

Steve BanksGeneral Manager Browse Development & Governance

February 2013

This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

References to “Woodside” may be references to Woodside Petroleum Ltd. or its applicable subsidiaries

Disclaimer and Important Notice

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Woodside overview

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KGP LNG 4/52004-2008

Nganhurra FPSO2006

Northern Endeavour FPSO 1999

Domgas plant1984

Ngujima-Yin FPSO2008

Pluto gas plant2012

Okha FPSO2011

Pluto A2012

Angel2009

Goodwyn A1995

North Rankin A 1984

CossackPioneer FPSO#

1995

KGP LNG 1-31989-1992

Otway gas plant*2007

*Otway gas plant interest divested 2010 #Cossack Pioneer replaced by Okha in 2011

Australia’s largest oil & gas

resource development

A$27 billion investment

Operating for 28 years

3500+ LNG cargoes

Operated by Woodside

North West Shelf

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90% Woodside owned

(operator)

LNG production began in April

2012

First LNG cargo in May 2012

20+ year production life

Pluto LNG

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Located in the Timor Sea

80% in Australian waters

Joint venturers

–Woodside (operator)

–Conoco Phillips

–Shell

–Osaka Gas

Sunrise

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Browse basin

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Contingent resource

– 15.5 Tcf dry gas

– 417 MMbbl condensate

Joint venture with tier one multi-nationals

Greenfields development concept

– 3DTUs, 1CPF offshore– 3 trains with 12 -13mtpa

capacity FID in 1H 2013

Browse LNG resource

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Browse video animation

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Basis of Design– “Consistent with megaprojects that had good outcomes”

– Independent Project Analysis Front End Engineering & Design

– Top decile FEED definition– “CPF FEED… is considered to be best in class” – Browse

JV Reservoir analysis

– 20% increase in resource base – independently verified by Miller & Lents

Quality development

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Competitive tender process

Maximising front-end loading

Optimising lump sum components

Tier one contractors

Browse contracting strategy

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Core capabilities and functional excellence

– Leverage lessons learned

Joint venture partners involved in extensive assurance program

Historic Native Title Agreement

State environmental approval

Leveraging our capabilities

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Complete evaluation

Secure final approvals

Final Investment Decision

– 1H 2013

Execute

Next steps

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