October 12, 2008

BHP resumes work at Neptune facility in the Gulf of Mexico

BHP announced that BHP Billiton has since performed a rigorous analysis that confirmed that its Neptune tension leg platform in the Gulf of Mexico is safe for crews to return to work and crews began boarding the platform. It added that further inspection and assessment is underway to determine the appropriate course of action to mitigate the anomaly.

The Neptune TLP, which is located approximately 120 miles off the Louisiana coastline, was scheduled to start up first oil and natural gas production by the end of March and the Company is currently assessing all the options in order to re-commence start up activities. The schedule for first production will be updated.

During a routine inspection immediately prior to start up of the Neptune tension leg platform, BHP Billiton had found structural anomalies in the hull and as a safety precaution and made the decision to remove all personnel from the facility until the situation could be fully assessed.

Neptune is a single column TLP and was installed in 4,250 feet of water on Green Canyon Block 613. The Neptune field comprises five blocks: Atwater Valley 573, 574, 575, 617 and 618 where water depths range from 4,200 to 6,500 feet.

BHP Billiton is designated operator of the field with a 35% interest. Partners include Marathon Oil Company 30%, Woodside Energy 20%, a subsidiary of Woodside Petroleum Ltd and Maxus Exploration Company hold 15%.