BHP Billiton Announces First Oil Production from the Greater Angostura Field in Trinidad and Tobago.

PORT OF SPAIN, Trinidad -- BHP Billiton announced today the first production from the Angostura field in Trinidad and Tobago.

Oil production from the field began on 9 January 2005. This was preceded by first gas production on 16 December 2004. The new facility has been commissioned on a rapid schedule, just 40 months after the discovery of crude oil at the Kairi-1 exploration well in 2001.

Start-up from Angostura represents the first oil production from the northeast coast of Trinidad. Initial oil production is expected to be around 60,000 barrels of oil per day (gross). The bulk of the produced gas is being re-injected into the Angostura reservoirs to support oil production from the field and a portion is being used to fuel operations on the processing platform. In the second phase of the project, Angostura's significant gas resources will be commercialised.

BHP Billiton holds 45 percent equity interest and is the operator of the Angostura development. The other partners in the Block 2(c) development are Total, which holds 30 percent interest, and Talisman Energy, a 25 percent interest holder.

Philip Aiken, President of the BHP Billiton Energy Group, said, "Five years ago this area was a frontier for oil exploration and our presence in Trinidad and Tobago comprised only a handful of employees. Today, we employ a staff of more than 160 in Port of Spain, offshore at the production platform and at the onshore storage facility. In addition, our joint venture is providing hundreds of jobs in the country at other companies that are supporting these operations.

"This development has opened a new area for petroleum exploration in Trinidad and Tobago and we are confident that further exploration can produce future success for the country and the company. First oil marks a single day but the Angostura project will be delivering benefits to the people of Trinidad and Tobago for years to come. My congratulations go out to the staff of BHP Billiton and our partners, as well as contractors and members of the government and administration of Trinidad and Tobago who have worked to achieve this successful milestone of first oil production from Angostura," Mr Aiken said.

A statement from the Hon. Eric A. Williams, Minister of Energy & Energy Industries, noted: "Congratulations to BHP Billiton, Total, and Talisman Energy on the occasion of first oil at the Greater Angostura oil field. As a relatively new player in the sector (to Trinidad and Tobago), the joint venture has indeed contributed admirably to the realization of this Government's goals and objectives in the petroleum sector."

The Angostura production infrastructure includes a central processing platform (CPP) with three satellite wellhead protector platforms. A pipeline connects the CPP to newly constructed storage facilities at Guayaguayare, where an export pipeline has been installed to allow for offloading to tankers in Guayaguayare Bay. The offshore production facilities are located 38.5 kilometres off the east coast of Trinidad and are located in water depths of 40 metres.

BHP Billiton is continuing its work programme in Trinidad and Tobago. During 2005, the company will continue an exploratory drilling program on Block 3(a), adjacent to the acreage comprising the Angostura fields, and on Block 2(c) retention acreage, south of the newly producing fields.

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