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BHP Billiton Petroleum BHP Billiton Petroleum Document Transcript

  • PowerfulPlatformBHP Billiton PetroleumAnnual Review 2012
  • COVER: BHP Billiton Petroleum Eagle Ford shale drilling operationslocated in Texas, Onshore United States.THIS PAGE: Shenzi, a BHP Billiton Petroleum operated stand-alonetension leg platform in the Gulf of Mexico.EndlessOpportunityThe strength of a super-major. The agility of an independent.Our business is built on a powerful platform of highquality oil and gas resources, functional excellence,operating discipline and financial strength. We havethe people and skills to take on complicated anddiverse opportunities and the flexibility to movequickly to deliver value in any environment.
  • 12-month periods ending June 30 2012 2011 2010 2009BHP billiton group financial performance (US$ in Millions)Turnover 72,226 71,739 52,798 50,211Underlying EBIT 127,238 31,980 19,719 18,214Petroleum financial performance (US$ in Millions)Turnover (including third party) 12,937 10,737 8,782 7,211Underlying EBIT 6,348 6,330 4,573 4,085Average Realized Oil Price (US$/barrel) 110.66 93.29 73.05 66.18Production and reserves totalProduction – Million boe 2222.3 159.4 158.6 138.0Production – Thousand boe per day 2634 437 434 378Reserves – Millions boe 2,559 1,834 1,394 1,3811 Underlying EBIT is earnings before net finance costs, taxation and any exceptional items.2 During 2010, Gulf of Mexico natural gas production was restated to a dry gas number.The impact was an increase in reported volumes (2010: 159 MMboe from 157 MMboe;2009: 138 MMboe from 137 MMboe).Operating and Financial Highlights Financial Year 2012BHP Billiton PetroleumFayetteville, ArkansasBHP Billiton shale drilling operations located in Arkansas,Onshore United States.Forward-Looking StatementsThis document includes forward-looking statements within themeaning of the US Securities Litigation Reform Act of 1995regarding future events and the future financial performanceof BHP Billiton. Forward-looking statements can be identifiedby the use of terminology such as ‘intend,’ ‘aim,’ ‘project,’‘anticipate,’ ‘estimate,’ ‘plan,’ ‘believe,’ ‘expect,’ ‘may,’‘should,’ ‘will,’ ‘continue’ or similar words. These statementsdiscuss future expectations concerning the results of operationsor financial condition, or provide other forward-lookingstatements. These forward-looking statements are notguarantees or predictions of future performance, and involveknown and unknown risks, uncertainties and other factors,many of which are beyond our control, and which may causeactual results to differ materially from those expressed in thestatements contained in this document. No representation orwarranty is made as to the accuracy, completeness or reliabilityof the information and should not be relied upon as arecommendation or forecast by BHP Billiton. Unless legallyrequired, BHP Billiton undertakes no obligation to updatepublicly any forward-looking statements, whether as a resultof new information, future events or otherwise. For moredetail on those risks, you should refer to the sections of ourannual report on Form 20-F for the year ended 30 June 2012entitled ‘Risk factors,’ ‘Forward-looking statements’ and‘Operating and financial review and prospects’ filed with theUS Securities and Exchange Commission.2 Petroleum Annual Review 2012Table of Contents 4 Letter from the Chief Executive6 Health, Safety, Environment and Community Performance11 Financial Performance14 People 16 Exploration 22 Development28 Production 38 Marketing 40 Leadership Team42 Global Operations Map
  • We had a strong year in all of the operational components to our business –exploration, project development, drilling and our producing operationsaround the world.Believing in Zero HarmWe are one of the safest oil and gas companies in the industry.Over the last six years, we have experienced continuousimprovement in our Health, Safety, Environment andCommunity (HSEC) programs. Our progress over the last yearwas no different. The total recordable injury rate within ourconventional business was 1.34 which is the best ever in ourhistory, and firmly places BHP Billiton Petroleum in the topquartile of the industry. This success is the result of a focusedeffort to do every task we carry out in a strong functionalmanner that is under control, to understand the root causeof incidents and implement solutions intended to preventthe same issue from occurring anywhere else within ourglobal operations.We will now take this same approach to each of our fourgiant fields in the Onshore US business, with a goal ofbecoming the safest company in industry. This is a significantchallenge that will require daily focus and dedicated effort.We are proud of our HSEC achievements, and we are confidentthat we will continue to make progress towards our goal ofZero Harm this financial year.Continued GrowthOur production volumes increased 40 percent over the prioryear driven by the acquisition, successful integration andcontinued development of our Onshore US shale assets. In ourWe further strengthened our position in theOnshore US business through the acquisitionand successful integration of Petrohawk EnergyCorporation where we took new major positionsin the Haynesville, Eagle Ford and Permian fieldsto complement our Fayetteville position. As aresult, we increased our workforce by 44 percent.We now operate over 40 land drilling rigs inaddition to our deepwater drilling around theworld. These are big, big steps.We are on course for continued progress in financial year 2013,and have a powerful combination of resources, personnel anda solid functional approach to the business to continue ourrecord of accomplishment and growth. We have a diversifiedportfolio of oil and gas opportunities that gives us a lot offlexibility to respond to market changes. Our volume growthtarget of 10 percent compounded annual growth from 2011through 2020 is expected to continue, and will be adjusted tomaximize value in response to market conditions. Many ofour competitors would like to replicate this strong position.worldwide conventional business, we continue to lead theindustry in drilling performance and our operated majorprojects continue to be completed on-time and on-budget.Our total production averaged over 600,000 barrels of oilequivalent per day, which was achieved despite extendeddowntime at our non-operated conventional business inthe Gulf of Mexico, combined with the impact of decreasedactivity in our dry gas Onshore US fields in response to lowerUS gas prices.Our operated producing facilities in the conventional businessrecorded uptime performance of 94 percent during financialyear 2012. Our operating expenses per barrel remained nearUS$6 and our depreciation per barrel was below US$14.All of these metrics are highly competitive and, when combinedwith our excellent financial terms in the United States andAustralia, the result continues to be high earnings and cashflow per barrel.In financial year 2013, we expect continued production growthfrom our Onshore US fields where we will invest overUS$4 billion in drilling and facility development. We will alsocontinue to add development wells in our Gulf of Mexico fieldswhere we operate or have significant working interest in threeof the largest fields in industry – Shenzi, Mad Dog and Atlantis.Also, we will start up the new Macedon gas project in WesternAustralia. Overall we plan to spend over US$6.5 billion incapital worldwide and another US$775 million in conventionalexploration. We will drill several high impact wildcatexploration wells in the Gulf of Mexico, Southeast Asia andWestern Australia, while also running major seismic programsin India, the Philippines and offshore South Africa.The Way We WorkBHP Billiton Petroleum’s functional excellence approach andfocus on continuous improvement are key elements to oursuccess. We apply our deep functional expertise in all aspectsof our business with a goal of handling each segment of aproblem with world-class skills. We plan our activitiesthoroughly and then execute them flawlessly with a highlyskilled workforce using common work processes worldwide.Our scalable organizational model of centralized excellenceand decentralized execution has achieved significant successin our conventional activities around the world. We are nowtaking the same approach with the Onshore US business andexpect the same level of success in the coming years.We will continue to expand our workforce and plan tohire over 500 new employees this financial year. We haveopportunities that are unique in the industry and we arealways looking for more. We intend to become one of thelargest independent oil and gas companies in the world, aspart of one of the largest corporations in the world. Aboveall, we intend to be the safest company in the business.BHP Billiton Petroleum isone of the safest oil and gascompanies in the industry.Letter from the Chief ExecutiveFinancial year 2012 was a period of tremendouschange for BHP Billiton Petroleum.On CourseJ. Michael YeagerChief Executive, BHP Billiton Petroleum4 Petroleum Annual Review 2012 Letter from the Chief Executive 5
  • Health, Safety, Environmentand Community PerformanceIn the 2012 financial year, BHP Billiton Petroleumcontinued its trend to reduce the frequency ofinjuries at operations around the world.Health, Safety and EnvironmentOur programs aim to ensure all risks are identified, properlyunderstood and controlled. Part of this is undertaking thoroughinvestigations of any incident to determine the cause toprevent it from happening again.Process safety management is the proactive identification,evaluation and prevention of releases that could occur as aresult of failures in process, procedures or equipment. It isan important obligation when carrying out our oil and gasexploration and production activities.Our process safety programs focus on the integrity of ourfacilities and prevention of hydrocarbon loss of containment –we make sure we have effective design, engineering,maintenance, training and procedures to prevent incidents.We believe that Zero Harm to our people, theenvironment and our communities is achievablethrough comprehensive systems and processes forsafe operations.Commitment toZero HarmC.R. Luigs drillship: Taking accountability for personal andprocess safety.In FY2012, we reduced our recordable injury rate by 16 percent, from 1.59 inFY2011 to 1.34, an average 9.6% decline each year since 2008. This is anexcellent result due to our people always putting health and safety first andembracing accountability for safety.The increase in GHG emissions during FY2012 is primarily due to higher naturalgas fuel use resulting from an increase in production.Process safety is just as important to us as personal safety and an important partof our health, safety and environment accountability.We have maintained a top quartile performance rating for spill intensity (volumespilled per unit of production) in the oil and gas industry for a number of years.During FY2012, the largest single spill was 0.35 barrels of oil.*This Review reflects BHP Billiton’s operated assets and does not incorporate health, safety and environment data for the recently acquired Onshore US business.Onshore US health, safety and environment data will be incorporated in BHP Billiton Petroleum’s internal reporting system commencing financial year 2013. BHP Billitonhas complied with local, state and federal regulatory reporting requirements throughout the integration of these new assets.Personal Safety Process SafetyCategorizing Personal and Process SafetyHydrocarbon Spill Volumes*FY08FY10FY11FY12Volume(LiquidInBarrels)0123456789FY096 Petroleum Annual Review 2012 Health, Safety, Environment and Community 7FY11FY12FY10FY09FY08FY10FY11FY09FY08FY07FY06TotalLost-TimeIncidentsPerYear01020304050TotalRecordableInjuriesPerYearRolling12-monthAverageFrequency(PerMillionHoursWorked)01020304050Rolling12-monthAverageFrequency(PerMillionHoursWorked)012345012345Total Recordables per FY 12-month rolling TRIF CO2e – Carbon dioxide equivalentTotal Recordable Injury Frequency (TRIF)* Total Greenhouse Gas (GHG) Emissions*FY08FY09FY10FY11FY12050010001500200025001000TonnesOfCO2e
  • Ningaloo Reef, Western Australia: Support for a whale-watchingprogram at Western Australia’s World Heritage Ningaloo Reef.Houston, Texas: BHP Billiton Petroleum employees volunteer torebuild homes with Rebuilding Together Houston.We complete a socialbaseline study to measurethe quality of life and socialand economic environmentto identify our focus areasin our communities.CommunityWe live in the communities of our business activities andendeavor to make a positive contribution to the lives ofpeople who live near our operations.At BHP Billiton Petroleum, we build upon our work in thecommunity by completing a social baseline study tomeasure the quality of life and social and economicenvironment to find what focus areas we should targetfor community development.One example is in Pakistan where we support educationto improve the standard of living of our host community.Our 2012 Social Impact and Opportunity Assessment,conducted by an independent consultant, found that anadult literacy program we support has taught over 500local women how to read and write, and BHP BillitonPetroleum funding has upgraded nearly 40 percent ofschool infrastructure in the region.The same study found that BHP Billiton Petroleum contributedto more than half of road infrastructure in the area aroundthe Zamzama Gas Plant. Similarly, a water improvementprogram is intended to deliver a permanent, reliable andclean water supply to the communities surrounding theZamzama facility. We installed 190 hand pumps andfiltration units in 85 villages to draw water from a shallowunderground aquifer and trained community members onhow to use and maintain them. We have plans to installfiltration units in 40 additional villages in the region.In addition to our efforts in Pakistan, we have numerouscommunity projects and programs across our globaloperations. In Trinidad and Tobago, where tourism isimportant to the economy and depends upon sustainableenvironmental policies to draw tourists to the area, we area founding partner of the Turtle Village Trust. It createsemployment for over 100 community members and supportslocal business development linked to the tourism industryand the conservation of the leatherback turtle population.In Australia, we supported a whale-watching program at theWorld Heritage Ningaloo Reef. In the Onshore US business,we are engaging with community and other stakeholdersto identify the best way we can support communities inArkansas, Louisiana and Texas.These are just a few examples of BHP Billiton Petroleum’scommitment to sustainable development and community.Our people do great things in the community. We recognize this and matchdollar-for-dollar, donations, fundraising and volunteer hours gifted by ouremployees to charities of their choice. In FY2012, fundraising, donations andvolunteering by employees amounted to $1,656,949 (including BHP Billiton’smatched share).We develop partnerships that foster sustainable community growth, such asenhancing socioeconomic benefits from our operations and supportingeducation initiatives.Community Investmentby Program CategoryEducation 56%Health 29%Community Development 10%Environment 5%Community Investmentby Program CategoryDonation 82%Fundraising 17%Volunteering 1%Community Investmentby Program CategoryEducation 56%Health 29%Community Development 10%Environment 5%Community Investmentby Program CategoryDonation 82%Fundraising 17%Volunteering 1%Petroleum Community Investment byProgram Category FY2012Petroleum Matched Giving FY2012Sindh Province, Pakistan: In Pakistan, BHP Billiton Petroleum encourages the involvement of women ineducation. BHP Billiton-supported schools employ over 100 people, over 60 percent of them women, andeducate hundreds of children, of which 78 percent are girls.8 Petroleum Annual Review 2012 Health, Safety, Environment and Community 9
  • Financial PerformanceA common approach to all tasksand the standardization ofequipment and processes havebeen the key drivers for integratingthe shale business into BHP BillitonPetroleum’s operations.After acquiring Petrohawk Energy Corporation in2011, BHP Billiton Petroleum’s Health, Safety,Environment and Community (HSEC) team beganthe task of aligning safe work practices for the newonshore shale operations, in collaboration withPetrohawk’s experts and experience.We identified emergency and medical response capabilitiesas an important place to start.In just 90 days, we successfully established new emergencyresponse processes and plans. We worked closely with localcounty emergency response services, such as police, fire andambulance services, to align our procedures. Site-basedteams are trained and equipped to deal with operational ormedical emergencies.We have also begun working with our onshore contractingpartners on BHP Billiton Petroleum safe operating proceduresand HSEC expectations. The benefits are already visible in oursecuring of the latest generation of land drilling rigs that aremore environmentally efficient and include more automationto remove our people from risky activities.Integrating Best Practice Health and SafetyOnshore US: Aligning safe work practices and procedures in our Onshore US operations.Strong Underlying EBIT of US$6,348 million was essentially unchanged from theprior year despite substantial production deferments at high-margin assets in theGulf of Mexico and North West Shelf.BHP Billiton Petroleum delivered a strong financialperformance, with Underlying EBIT unchanged fromthe previous year at US$6.3 billion.Robust FinancialPerformanceOur combination of resource diversification,technology, strong operational performance,solid financial position and long developmenthorizon provides us with a distinct advantage.Excellent performance by our operated offshore global assetsand the successful integration of our Onshore US shale liquidsand gas assets contributed to a 40-percent increase inproduction over the year.We forecast production to increase even further toapproximately 240 million barrels of oil equivalent in the2013 financial year, underpinned by the recommencement ofproduction at non-operated assets in the Gulf of Mexico andan expansion in activity in our liquids-rich Onshore USacreage. Developing our liquids-rich shales, such as EagleFord, will complement our traditional project pipeline giventhe rapid payback on investment and high rates of return.Earnings Before Interest and TaxFY11FY12FY10FY09FY080700060005000400030002000100030%70%80%90%100%60%50%40%EBIT incl. Third-Party Products EBIT MarginEBIT–$millionEBITMarginAnnual VolumeFY2012 represents another year of record volumes for BHP Billiton Petroleumwith production of 222.3 million barrels of oil equivalent. Petroleum volumesincreased 40 percent over the prior year driven by the acquisition and successfulintegration of our Onshore US shale assets.FY08FY09FY10FY12FY11050100150200250Liquids GasAnnualVolume–MMboe10 Petroleum Annual Review 2012 Financial Performance 11
  • Total investment grew significantly during the financial year due todevelopment spending in the acquired Onshore US fields and an increasein exploration spending.010002000300040005000600070008000FY08FY09FY10FY12FY11InvestmentCapital Expenditure Exploration ExpenditureFY11FY12FY10FY09FY080501001502002500%100%200%300%400%500%Production and Reserves ReplacementWe have achieved complete reserves replacement for the past five years.Financial year 2012 proved reserve additions of 624 million boe from thePetrohawk assets were the most significant factor in achieving an exceptionalreserves replacement ratio of 429 percent.ProductionVolume–MMboeProvedReservesReplacementRatioProduction Volume Proved Reserves Replacement RatioExpenditures–$MillionsShenzi, Gulf of Mexico: Strong performance by our operated offshore assets and the Onshore US business contributed to a40-percent increase in production over the year.Proved+Probable+Contingent (2P+2C)Proved+Probable(2P)Proved(1P)024681012ReservesProved Reserves were 2,559 million boe at 30 June 2012. Proved + ProbableReserves were 3,213 million boe and on a Proved + Probable + ContingentResources basis were 10,790 million boe. This demonstrates the depth of futureoptions for growth within our globally diverse portfolio.Australia United States Worldwide/OtherReserves–BillionboeOperating costs were US$6.90 per boe and continue to be among the lowest inour industry when compared to historical benchmark data. This has beenachieved through strong operating discipline to safely maximize output from ourproducing assets and to manage costs. *Peer Group includes Anadarko, Apache,BG Group, Hess, Marathon, Noble and Talisman.020161284FY10FY09FY11FY12FY08Unit Operating Costs*US$6.90per boeUnitOperatingCosts–$perboeDD&A grew from financial year 2011 levels to US$13.80 per boe and remainedvery competitive against historical benchmark data. This reflects the high qualityof our existing assets and continued cost control in our major capital projects.Our sustained low unit DD&A is consistent with our strategic objectives ofbuilding a business based on long-life and low-cost assets. *Peer Group includesAnadarko, Apache, BG Group, Hess, Marathon, Noble and Talisman.0510152025FY11FY12FY09FY10FY08Unit Depletion, Depreciation &Amortization (DD&A)*US$13.80per boePeer Group BHP Billiton Peer Group BHP BillitonUnitDD&A–$perboeOur strong financialplatform allows us to takea long-term approach.By focusing on thefundamentals, our operatingcosts continue to be amongthe lowest in the industry.12 Petroleum Annual Review 2012 Financial Performance 13
  • Angostura, Trinidad and Tobago: Our 4,000-plus employees arethe foundation of our business.We believe an organization with the rightpeople in the right position, can achievesuccess. Our business requires talented andcommitted people from a wide range ofdisciplines and skills. We want to attract thevery best experts, and we provide anenvironment where everyone is challengedand guided to realize their potential.Functional ExcellenceThe complexity and scope of our business requires deepfunctional excellence, which means focusing on a particulardiscipline in our business and developing world-class skillsin that area.This ensures that work is performed by experts and that wemake the best possible decisions.Opportunities for Talented PeopleOur model of functional excellence gives people theopportunity to develop their skills so that they make thehighest-value contribution to the company and progressin their career.High performing people drive our business, and we have acomprehensive career development program to advancetalented people through the organization. Our CareerLadder maps career pathways and desired skills, knowledgeand competencies for employees as they move forward inthe business.We put the right experts on the job and focuson the fundamentals.Where PeopleWant to BeWe assess the competencies of our employees to acceleratethe development of our people and identify skill strengthsand opportunities around the world. We may find we are richin one skill and lighter in other areas and create training anddevelopment adjustments as needed.To attract the best people in the business, we provide ouremployees with excellent conditions and rewards. Our peopleare given the opportunity to develop their skills to provide thegreatest contribution to the company and further their career.PeopleEffective teams need to be resourced appropriatelyand have a range of skills, capabilities and levels ofexperience. Our leaders are personally involved inmanaging the careers of each individual in ourfunctional job families and carefully align individualdevelopment needs with the different requirementsof our operations and project pipeline.We use management tools to analyze and modelcompetencies in different teams. This gives us a clear viewof every person’s experiences and capabilities and overallteam requirements around the world. From this, we can alignresources effectively and develop options for rotatingtalented people to different areas.We want to develop a deep set of competencies for everyoneat BHP Billiton Petroleum. A rigorous, annual performancereview process facilitates an assessment of each person’scapabilities, identifies areas for further development andcreates a plan to achieve those goals.We find professionals are more fulfilled when they experiencea diversity of challenges over the course of their careers, sowe have built a system that tracks capabilities and providesreal-world experience in order to develop our people to bethe best in their field.Two powerful factors help drive BHP Billiton Petroleum’s success –people and functional excellence.Customized CareersHouston, Texas: We have a clear view of every person’s experience, capabilities and team requirements around the world.14 Petroleum Annual Review 2012 People 15
  • ExplorationBHP Billiton Petroleum’s exploration strategy is togrow our resource base through large discoveries inproven basins.The Gulf of Mexico and offshore Western Australiacontinue to be focus areas that underpin our explorationprogram. In financial year 2012, our major discovery wasTallaganda in Western Australia’s offshore CarnarvonBasin, opening up a large area close to our existing fields.Seismic OperationsIn financial year 2012, we conducted seismic surveys in the Philippinesand Malaysia with the intention of capitalizing on our deepwatercompetence in this world-class region in the future.16 Petroleum Annual Review 2012 Exploration 17
  • Both of these are proven world-class basinswith significant running room for materialopportunities, relatively stable fiscal termsand reasonable probabilities for success.Our strategy is to focus on material opportunities, at highworking interest, with a bias for operatorship.Making Discoveries with theLatest TechnologyOur exploration team is producing results using the latestgeological and geophysical technology to locate newresources, enabling the potential for significant growth inthe next financial year.We are at the forefront of technological innovation inthe industry, completing seismic surveys with cutting-edgeacquisition and processing technologies.Promising results using broadband seismic technology inIndia have prompted the exploration team to test a similarprocess in Malaysia. BHP Billiton Petroleum values earlyadoption of technology for competitive advantage, andthe seismic imaging team’s efforts in Southeast Asiademonstrate this ambition.A DisciplinedApproach toExplorationWe have two focus areas based on BHP BillitonPetroleum’s production heartlands – the Gulf ofMexico and offshore Western Australia.ExplorationAustraliaThe Tallaganda discovery in Australia’s Carnarvon Basin marksour biggest discovery in 2012 and opens up a large area ofcaptured acreage with many potential follow-up opportunities.Our successful drilling of the North Scarborough appraisal wellproves a significant extension to the Scarborough gas resource.We are committed to this basin and have accumulatedadditional prospective acreage in the region over financialyear 2012.United States – Gulf of MexicoDuring financial year 2012, our exploration team returnedto work in the Gulf of Mexico, successfully drilling near fieldexploration and appraisal wells, including Mad Dog North,Shenzi North and Gunflint. In the recent lease sale, we arethe apparent high bidder on 20 new blocks that could addsignificantly to our position in this core basin. In financialyear 2013, we will execute a significant drilling campaignand continue to evaluate opportunities to expand ouracreage position in this proven basin.We have world-class assets currently operating in theregion, with plans to add new acreage to our robust Gulfof Mexico portfolio.Discoveries OffshoreTransocean’s GSF C.R. Luigs 10,000 foot ultra deepwater drillship,located in the Gulf of Mexico.18 Petroleum Annual Review 2012 Exploration 19
  • Gulf of MexicoGulf of MexicoMississippiWestern AustraliaIndian OceanSouth East AsiaTexas LouisianaBruneiMalaysiaPhilippinesWesternAustraliaIndian OceanTallagandaDiscoverySoutheast AsiaSoutheast Asia is another world-class province in which weoperate. Industry is just beginning to move into deepwaterand our intent here is to capitalize on our deepwatercompetence, developed in our Gulf of Mexico and WesternAustralian heartlands, and be at the forefront of this move.In Financial Year 2012, we broadened our acreage position,executed seismic acquisition operations in Malaysia andthe Philippines and added resources with two discoveriesin Brunei.Other AreasIn addition, we own significant acreage offshore South Africaand India. In both areas we are planning major 3D seismicacquisition programs for financial year 2013.Working with CommunitiesOur New Ventures team is always on the lookout fornew opportunities.After acquiring an interest, the team uses seismic surveysas one of many tools to search for hydrocarbons withinthe licensed area.Seismic work can often occur in environmentally sensitiveareas, so working with the local community and governmentis extremely important.When our seismic acquisition team arrived in the Philippines,they worked with local industry and government to create aplan that was suitable for all parties. We collaborated withlocal fishermen, the Bureau of Fisheries and Aquatic Resourcesand a local recovery crew to successfully remove 93 fishingdevices from an area in which we were undertaking seismicsurveys. We also compensated local fishermen for theshort-term interruption to their livelihoods during theseismic survey.Exploration blocks/acreage held by BHP Billiton Petroleum Note: Maps and acreage are not to scale. South China SeaSeismic imaging is at the core of BHP Billiton Petroleum. Without qualitysub-surface images, upstream operations cannot commence. Our scientistshelp generate seismic datasets for exploration, development, productionand planning activities.Our first-rate Seismic Processing and ImagingTeam, a part of BHP Billiton Petroleum’sGeoscience Operations, is an industry leader intechnological innovation.In financial year 2012, the Seismic Processing and ImagingTeam helped solve several complex issues. They used novelbroadband acquisition and processing techniques toilluminate sub-basalt images in a frontier region critical toPetroleum’s exploration program. They were also the first tocommercially apply tilted orthorhombic pre-stack depthmigration to substantially improve images of the sub-surfacereflectivity in an onshore area with complex geology. Theseand other new seismic volumes should improve planning forfuture exploration, development and production programs.Our experts are plugged into the scientific community tokeep at the leading edge of technology, participating inindustry-wide technical conferences, providing technicalpeer reviews and contributing to industry publications.Our scientists believe it is the relatively small size of thegroup, enhanced by the team’s varied backgrounds, thatgives them the opportunity for exposure and involvementacross the company. What sets the team apart from othersof our size is that the company has a financially powerfulplatform which can enable the implementation of high-technology solutions.Geoscience at BHP Billiton Petroleum is an exciting place tobe, with great opportunities for high-performing people.Leaders in their FieldSeismic Processing and Imaging Team: The team has numerous technology benchmark projects with research institutions around the world.20 Petroleum Annual Review 2012 Exploration 21
  • The drilling team at BHP Billiton Petroleum sets industry-leading safety and operational standards by identifyingways to eliminate safety hazards. Maintaining commonworldwide standards, cultivating a culture of continuousimprovement and focusing on hazard elimination createsa scalable and proven system applicable to any onshoreor offshore drilling operation at BHP Billiton Petroleum.DevelopmentBHP Billiton Petroleum has a significant number of developmentprojects in the pipeline. With a strong foundation in place,we are prepared to embark on a host of exciting projects infinancial year 2013. Onshore USDevelopment of liquids rich shales complements our traditionalproject pipeline given the rapid payback on investment and highrates of return.22 Petroleum Annual Review 2012 Development 23
  • BHP Billiton continues to invest in developmentopportunities for long-term growth for the future.AustraliaWe anticipate the US$1.5 billion (100 percent basis) Macedongas development project will play a significant role in providingnatural gas to strong markets in Australia.The Macedon field is located approximately 100 kilometerswest of Onslow off the Western Australian coast. Four offshoreproduction wells will supply a wet gas pipeline to an onshoredomestic gas treatment plant. The gas plant will have adesign capacity of 200 million standard cubic feet per day.First production from this important project is expectedduring calendar year 2013.BHP Billiton Petroleum’s capital spend duringfinancial year 2012 was US$5.8 billion, consistentwith our commitment to long-term growth.DevelopmentUnited States – Gulf of MexicoThe Shenzi Water Injection Project will increase ultimaterecovery by nearly 115 million barrels of oil equivalent (100percent basis) over the next 20 years, enhancing our longterm growth profile in the Gulf of Mexico.BHP Billiton Petroleum was the first to use ultra-filtration andsulfate-removal technology for seawater treatment on anoffshore facility with our Shenzi Water Injection Project. Weinstalled new topsides equipment and subsea facilities to treatand inject up to 125 thousand barrels per day of seawater at7,000 pounds per square inch into the Shenzi field via three tofive new water injection wells.Shenzi’s record of high uptime of 92 percent and productionnear 100,000 barrels of oil per day during execution of thiscomplex project is a testament to the skill and expertise ofour team in the Gulf of Mexico. Facilities were completedsafely and under budget, and the first increase in theproduction rate is expected in financial year 2013.United States – OnshoreUsing local contractors, BHP Billiton Petroleum invests incritical pipeline infrastructure to bring valuable gas and liquidsto market. In financial year 2012 we installed approximately310 miles of pipeline infrastructure in the Eagle Ford andPermian shales. In coming years we expect to construct sixnew processing plants to add significant capacity and layapproximately 800 miles of pipeline to link our operations inthe Eagle Ford.Additional infrastructure development in the Permian basin isbeing evaluated, including approximately 600 miles of pipeline,gas dehydration, compression facilities and cryogenic facilities.DevelopmentOpportunitiesTexas, Onshore US: Our development team is taking critical stepsto expand take-away capacity through on-time and on-budgetinfrastructure delivery.Shenzi Water Injection ProjectThe Shenzi Water Injection system design is just one of the waysBHP Billiton Petroleum uses the latest technology to increase safeproduction and achieve results. The system design is the first of itskind, taking the best components of existing technology andcombining them to create a state-of-the-art filtration and treatingsystem to pressurize and protect the reservoir.24 Petroleum Annual Review 2012 Development 25
  • 1. Future Options 2. Definition 3. ExecutionScarboroughThebeMacedonBrowseUS $5bn+ US $501m-US $5bn+ US $500mKipperKnotty HeadMad Dog Phase 2BS Longford GCPNWS Greater Western Flank ANWS North Rankin BTurrumPlacement of projects notindicative of project schedule.Proposed Capital Expenditure (BHP Billiton Share) as of 22 August 2012Macedon, Western Australia: Modules arrive for construction of the Macedon Gas Plant.The Thalanyji’s connection to the land around theMacedon Project is strong and there are a numberof culturally significant places in close proximityto our development.Protecting those places was a high priority for the project,and we engaged the Thalanyji people as Heritage Monitorswho were present during periods of ground disturbance.This was particularly important during the commencementof the onshore horizontal directional drilling (HDD) programto install a wet gas pipeline and umbilical that wouldeventually connect to the Macedon gas plant.HDD was selected to avoid disturbing a vast area of sanddunes containing two significant heritage sites and oneethnographic site. The Thalanyji people provided heritagemonitoring support throughout the campaign to ensurethat the sites were not disturbed by project activity.We introduced cultural awareness training for all projectstaff and contractors, facilitated by the Thalanyji people,to ensure Aboriginal culture was understood and respectedby our team members.The strength of our relationship with the Thalanyji peoplewas demonstrated by our team’s ability to involve the localcommunity in the project wherever possible.BHP Billiton Petroleum’s successful collaboration with the Thalanyji peopleof Onslow in Western Australia illustrates our genuine respect for the localcommunity. We know that success depends on our ability to buildrelationships and work transparently with host communities.Respect and collaboration forproject successHeritage Monitors: BHP Billiton Petroleum makes it a priority to engage and involve local communitiesduring the development of the Macedon Project, especially in culturally significant areas.26 Petroleum Annual Review 2012BHP Billiton Petroleum has significant projects in the pipeline to provide valuable opportunities for future growth.Development 27
  • ProductionBHP Billiton Petroleum’s platform of resource diversification,breadth of technology, solid financial position, discipline andour relentless pursuit of excellence provide our business witha distinct advantage.Our Australian assets delivered significant volumes infinancial year 2012, totaling 80.8 million barrels of oilequivalent (BHP Billiton share). High-margin liquidsand LNG accounted for 70 percent of this volume.Stybarrow, AustraliaThe Stybarrow FPSO facility, located offshore Western Australia,achieved a milestone in financial year 2012, producing its 50 millionthbarrel of oil.28 Petroleum Annual Review 2012 Production 29
  • Production – ConventionalOur operated conventional facilities continue todeliver exemplary facility uptime performance,averaging 94 percent for the financial year.AustraliaOur operations in Australia make up a significant part of ourportfolio, accounting for 36 percent of produced volumes thisfinancial year. Production totaled 80.8 million barrels of oilequivalent (BHP Billiton share) from our operated facilities atPyrenees, Stybarrow and Minerva in addition to our non-operating interest in the Bass Strait and North West Shelf.The world-class Pyrenees and Stybarrow floating productionstorage and off-loading (FPSO) facilities, located in WesternAustralia, both reached a key milestone in November 2011,producing their 50 millionth barrel of oil. Pyrenees reachedthis achievement less than two years after start up with anaverage uptime of 93 percent for financial year 2012.Strong ProductionFoundationOur worldwide conventional operations arepositioned to deliver strong and sustaining baseproduction with continued potential for growth,in line with Petroleum’s long-term strategy.PakistanTremendous results were seen at the Zamzama gas plant infinancial year 2012, as the front-end compression project wascommissioned in July 2011. Production rates increased by morethan 35 percent, peaking at 500 million standard cubic feetper day as a result of the reduction in operating pressure. Inaddition, new development opportunities have progressedwith an infill drilling program which began in June 2012.Our production unit in Pakistan won BHP Billiton Group’shighest accolade in financial year 2012 – the CEO’sSustainability Excellence Award – for strong performancein contractor management, process safety initiatives andaddressing critical needs of the host community, includingeducation assistance, flood relief and providing access tosafe drinking water.Trinidad and TobagoThe completion of the Angostura Gas Project marked asignificant milestone for our business in Trinidad and Tobago,coming online on time and within budget in May 2011. With afull year of production from this project, Trinidad and Tobagodelivered seven times the natural gas volumes realized infinancial year 2011, with gas rates peaking at over 240 millionstandard cubic feet per day.Angostura Gas Plant, Trinidad and TobagoThe Angostura team in Trinidad and Tobago puts safety andenvironmental sustainability first. We support the National Oil SpillContingency Plan, working alongside the Ministry of Energy andEnergy Affairs, the Association of Upstream Operators of Trinidadand Tobago and key emergency response agencies.30 Petroleum Annual Review 2012 Production – Conventional 31
  • Pyrenees, AustraliaPyrenees, our FPSO facility in northwest Australia, reached a keymilestone in November 2011, producing its 50 millionth barrel of oil.Pyrenees reached this achievement less than two years after start upand averaged facility uptime of 93 percent for the financial year.United States – Gulf of MexicoOur operated Shenzi and Neptune fields delivered exemplaryresults in financial year 2012, averaging 50 thousand barrelsof oil equivalent per day (BHP Billiton share) with 92 percentfacility uptime and unit operating cost of US$4.00 per barrelof oil equivalent.Successful infill drilling at Shenzi more than offset natural fielddecline, as liquids production increased six percent from theprior year with the startup of the SB101 well in September 2011and the H101 well in June 2012.Production in our non-operated Gulf of Mexico facilities waschallenged in financial year 2012 due to a planned subseamanifold replacement at Atlantis and integrity repairs andreplacement of the spar drilling rig at Mad Dog. Productionfrom both fields will recommence in financial year 2013.In financial year 2012, our team in the operated Gulf of Mexico ProductionUnit delivered remarkable year-on-year improvements in safety performanceand production despite challenges associated with tropical storms andmajor brownfield construction for the Shenzi Water Injection Project.A step change in safety performance was seen fromthe prior year, as the total recordable injury frequencydropped from 3.4 to 1.5 in a year with a significantlyhigher number of contract employees and man hoursassociated with the water injection projectinstallation. This was accomplished by the strong andsuccessful integration of the Production andDevelopment teams, detailed risk assessments, clearprotocols for simultaneous operations, assignedaccountability and increased levels of verificationof adherence to procedure.The extensive simultaneous operations were completed withminimal effects to production, as Shenzi produced with anaverage facility uptime of 92 percent for the financial yearand delivered a six percent increase in liquids volumesyear-on-year due to successful infill drilling.Field development at Shenzi is ongoing, and building uponthe success seen with the timely completion of two new infillwells during the financial year. These wells targeted a newpay horizon and were brought online with initial productionrates totalling more than 20 thousand barrels of oil equivalentper day and aided in the delivery of 165 percent reservesreplacement for the field.Record achievement in the Gulf of MexicoShenzi, Gulf of Mexico: The Gulf of Mexico production unit achievedsuperior business results in what was a complex year.Shenzi produced with anaverage facility uptimeof 92 percent for thefinancial year.32 Petroleum Annual Review 2012 Production – Conventional 33
  • Steel casing and cementTwo layers of steelcasing and cement1. On the SurfaceWe level the site, construct a lease road, erect the drilling rig andplace support facilities on the pad.Multiple truck-sized pieces of equipment, such as storage units,pumps and control systems, are brought to the site during thecompletion phase.We drill and complete multiple wells from a single pad to minimizesurface disturbance to other activities or habitats. After all the wellsare completed, we restore the perimeter of the site close to its originalcondition, leaving only a minimal surface footprint.2. Surface Drilling and CasingWe start by drilling a hole to a depth of approximately 80-100 feet,and install a 16-20 inch diameter conductor casing pipe, which isthen cemented in place.3. Protect Drinking WaterNext, we drill to a depth specified by state regulatory agencies toprotect ground water. The surface casing is then installed andcemented in place by pumping cement down the pipe. The cement iscirculated from the bottom of the surface casing and rises back up tothe surface outside of the casing to secure and add another layer ofprotection and strength.4. Horizontal DrillingWe continue to drill vertically until we approach the target shalethen directionally drill the well path until it is horizontal and givesus maximum exposure to the shale strata.5. Production CasingThe drilling phase is finished after we install and cement an additionalset of piping from the bottom of the well all the way back to thesurface to form another barrier.6. PerforatingThe completion phase starts by using precisely placed perforatingdevices to create holes in the production casing to provide accessto the reservoir.7. Hydraulic FracturingThe well is ‘completed’ by pumping fluid and proppant (mostly water,additives and sand) under very high pressure down the well, out theperforations and into the rock formation. The high pressure breaksup the rock, releasing the natural gas and petroleum from microscopicvoids in the shale so that they can flow up the well bore. Sand, calledproppant, holds the fractures open. We repeat this process severaltimes along the horizontal segment of the wellbore.Underground Sources of Drinking WaterProduction – UnconventionalInvesting for theLong-term OnshoreOur position in shale basins across Texas, Louisiana andArkansas covers over 1.6 million combined net acreswith an estimated yield of approximately 8.0 billionbarrels of oil equivalent over the next 50 years.These large, long-life and low-cost assetshave tremendous resources with potentialfor significant future development, makingBHP Billiton Petroleum one of the industryleaders in some of the most productive shalebasins in the United States.In 2011, BHP Billiton Petroleum acquired assets in theFayetteville, Eagle Ford, Haynesville and Permian shale plays.These strategic additions to our oil and gas portfolio createshort- and long-term growth potential.Our size and scale allow us to leverage the flexibility of ourdiverse onshore portfolio to respond to market conditions.In financial year 2012, we adjusted our plans to focus on oilrather than gas, while maintaining our capability to ramp upin the future when natural gas prices rebound.Our first year operating onshore was a success, with totalproduction at 85.6 million barrels of oil equivalent,13 percent liquids and 87 percent dry gas.TexasThe Eagle Ford shale in Texas offers an attractive mix of naturalgas, condensate and natural gas liquids and has the highestrig count of US unconventional plays.Our liquids-rich shale assets in the Eagle Ford offer some ofthe highest economic returns among US shale plays. Manywells in this field yield returns of over 100 percent with anaverage payback in the first year of production.The Permian Basin is another vast resource base in West Texasproviding the opportunity for long-term development of thisliquids-rich area.We are focusing the majority of Petroleum’s Onshore US activityon liquids in financial year 2013.Arkansas and LouisianaTechnology and innovation have driven the phenomenalgrowth of gas, and consumption of natural gas in the UnitedStates is forecast to grow by 30 percent over the next 20years. BHP Billiton Petroleum is positioning itself to meetrising gas demand by developing the Haynesville andFayetteville shale plays.The development of shale gas technology has provided theUnited States with some of the largest gas reserves in theworld, and BHP Billiton Petroleum’s shale gas propertiesin Arkansas and Louisiana are among the lowest cost inthe country.The Haynesville shale in Louisiana alone currently producesenough natural gas to satisfy 10 percent of US gas demand,and we are the second largest leaseholder in this field. We arealso the second largest in Arkansas’s Fayetteville play. Ourposition in these shales demonstrates our commitment to bothfields for the long-term.Developing Onshore Resources SustainablyNote: The diagram and remarks are for illustration and are not anactual well schematic or to scale. Well designs and completions arewell specific.BHP Billiton Petroleum is a global company, operating in diverse and sensitiveareas. We work with integrity – making the right decisions and doing thingsthe right way. How the result is achieved is as important as the result itself.34 Petroleum Annual Review 2012 Production – Unconventional 35
  • Shale Fields, United StatesTXLAARNMOKFayettevilleBlack HawkHawkvilleDelaware S MidlandEagle FordPermianHaynesville/BossierLiquids AreaDry Gas AreaTXARLAOKNMWe continue to evaluatetechnologies that allowus to re-use produced andflowback water in thehydraulic fracturing process.Estimated Impacts for the Eagle Ford Shale at the Regional Level 2021 in millions of dollars (14-County Area)Total Impacts (Three Scenarios) Low Estimate Moderate Estimate High EstimateOutput (Revenue) $26,141 $62,338 $96,001Employment 44,237 82,645 115,669Payroll $2,810 $6,019 $8,993Gross Regional Product $13,700 $34,112 $54,031Estimated Local Government Revenues $326 $888 $1,426Estimated State Revenue, including severance taxes $495 $1,567 $2,593A three-level projection of the combined total impact of Eagle Ford Shale activity in the 14-county area. Variables that count impact study includecommodity prices, production yields, investment, competition and demand.Source: University of Texas San Antonio Economic Impact of the Eagle Ford Shale (May 2012)A three-level projection of the combined total impact of Eagle Ford shale activity in the 14-county area. Variables that could impact study estimates includecommodity prices, production yields, investment, competition and demand.Source: Tunstall et al (2012). Economic Impact of the Eagle Ford Shale. University of Texas at San Antonio: Institute for Economic Development.Eagle Ford Shale, Texas: Our liquids-rich shale assets in the Eagle Ford offer some of the highest economic returns among US shale plays.Petrohawk discovered economic hydrocarbons in the Eagle Ford shale in 2008,a region which has become the epicenter of shale operations in Texas.Success and Opportunity in the Eagle FordFayetteville Haynesville Eagle Ford Permian Other CombinedAcres3.7 Billionboe2.0 Billionboe1.7 Billionboe0.7 Billionboe0.1 Billionboe8.0 Billionboe06,0008,0004,0002,00010,000(MMboe)Fayetteville Haynesville Eagle Ford Permian Other CombinedAcres0.27 Millionacres0.34 Millionacres0.49 Millionacres0.43 Millionacres0.08 Millionacres01,6001,8001,4001,2001,000800600400200(ThousandAcres)1.6 MillionacresResource Potential Net AcreageProved Reserves Non-Proved Resource Potential36 Petroleum Annual Review 2012 Production – Unconventional 37The Eagle Ford has since seen an extraordinary amountof development as one of the premiere shale plays inNorth America. With an attractive product mix ofcondensate, natural gas liquids and net production ofover 50 percent liquids, the Eagle Ford shale is ratedas the lowest cost play among North American fields.Shale gas exploration, development and production in theEagle Ford have contributed to the economic revitalizationof south Texas.A May 2012 University of Texas at San Antonio study foundthe shale gas revolution in 2011 alone generated just under$20 billion in revenue, created 38,000 full-time jobs and put$211 million into local government resources in the southTexas region.The 14 counties that make up the Eagle Ford are seeing new lifein response to the drilling boom. These communities are buildingnew schools and hospitals and launching training programs forthe local population to reap the benefits realized by shale oiland gas development in the Eagle Ford. The study projects thecreation of up to nearly 116,000 full-time jobs by 2021.
  • MarketingMarketingExpertiseOur marketing activities in North America havegreatly increased with the successful integrationof Onshore US assets.Petroleum’s Onshore US acquisitions haveincreased the size of BHP Billiton’s gasportfolio from one to 2.5 billion cubic feet perday, and we anticipate natural gas sales willbe approximately 26 percent of our NorthAmerican revenue in financial year 2013.Centralizing Operations in HoustonTo capitalize on this growth and increase our marketing focusin the US, we relocated our Petroleum marketing leadershipteam from Singapore to Houston, Texas.Consolidating operations in Houston aligns with our customer-focused strategy by putting us in close proximity to UScustomers and gives us firsthand exposure to the scale andcomplexity of working onshore.Petrohawk AcquisitionWhen we acquired Petrohawk in financial year 2012, wecreated an integrated marketing team that is the foundationof our strong onshore business.We have since expanded our skill set and marketing capabilityin onshore liquids transportation, midstream and downstreamsystems to support the shift to liquids production from theEagle Ford field.We continue to integrate the Petrohawk team’s knowledgeto make their success repeatable and scalable for the future.Our customer base has expanded by 30 new condensate,natural gas liquids and natural gas customers.LNG Marketing in AustraliaThe BHP Billiton marketing team works closely with ourPetroleum development division on the production andexpansion of our operated projects, as well as monitoringprospective developments such as the Scarborough andBrowse projects in Western Australia.These projects are projected to help meet growing demandfor natural gas in strong Asian markets. We are activelyworking to meet project timelines and engaging withcustomers.Houston, Texas: Consolidated marketing expertise and a customer-focused strategy.BHP Billiton Petroleum’s acquisition of assets in the Fayetteville, Haynesville,Eagle Ford and Permian fields marked the unprecedented opportunity forthe company to display its ability to adapt to the market and thriveregardless of economic conditions.In financial year 2012, we adjusted our plans to focuson oil rather than gas, while maintaining ourcapability to ramp up in the future when naturalgas prices rebound.BHP Billiton Petroleum’s focus remains on all of the evolvingonshore markets for shale oil, condensate, natural gas liquidsand natural gas.Marketing works with the production units in the Eagle Fordand Permian fields to ensure transport is available to customersas we rapidly expand both fields.Maximizing OpportunitiesEuropean MarketAsian MarketNorth American MarketCrudeNatural GasNGLUS Onshoreand OffshoreAustralia38%59%3%UK40%60%Trinidad & Tobago87%13%PakistanAlgeriaInternational Sales Flows35%58%7%26%68%6%100%Financial Year 2013 Projected Sales by Region and ProductExpanded Skill-Set: Our integrated marketing team is located atBHP Billiton Petroleum’s Houston headquarters.38 Petroleum Annual Review 2012 Marketing 39
  • J. Michael YeagerGroup Executive andChief ExecutiveDavid PowellChief Financial OfficerRod SkaufelPresident ConventionalProductionLeadership TeamA powerful platform built on a strong leadershipteam with the experience and drive to take onnew opportunities.BHP Billiton PetroleumDick StoneburnerPresident North AmericaShale ProductionNigel SmithPresident DevelopmentDavid RaineyPresident ExplorationDavid NelsonVice President HumanResources40 Petroleum Annual Review 2012 BHP Billiton Petroleum Leadership Team 41
  • OPERATED1  Australia – Minerva (90%):An offshore gas field and plant producing gasand condensate.2  Australia – Stybarrow (50%): An FPSO facility producing oil and gas from the Stybarrow and Eskdale fields.3  Australia – Pyrenees (40-71.4%): An FPSO facility producing oil from the Crosby, Stickle and Ravensworth fields.4  Australia – Macedon (71.43%): A domestic gas development with a stand-alone gas plant. First production is expected in calendar year 2013.5  Gulf of Mexico – Neptune (35%): A permanently moored tension-leg platform that produces oil and gas.6  Gulf of Mexico – Shenzi (44%): A stand-alone tension-leg platform that produces oil and gas.7  United Kingdom – Liverpool Bay (46.1%)/Bruce (16%)/Keith (31.83%):Offshore North Sea and Irish Sea oil and natural gasproduction.8  Trinidad and Tobago – Greater Angostura (45%):An integrated oil and gas central processing platform.9  Pakistan – Zamzama (38.5%):An onshore gas and condensate development in the SindhProvince, Pakistan.10 Onshore US (<1-100%)Dry and wet gas production from shale fields in Texas,Louisiana and Arkansas.HEAD OFFICEHouston, Texas81514106513NON OPERATED11 Australia – Bass Strait (50%): 20 producing oil and gas fields with 21offshore structures.12 Australia – North West Shelf (8.3-16.7%): Supplies oil and gas to Australian andinternational markets.13 Gulf of Mexico – Atlantis (44%): A permanently moored semi-submersible platform thatproduces oil and gas.14 Gulf of Mexico – Mad Dog (23.9%): A permanently moored integrated truss spar facilityproducing oil and gas.15 Gulf of Mexico – Genesis (5%): A floating cylindrical hull (spar) producing oil and gas.16 Africa – ROD Integrated Development (38%): Development and production of six oil fields locatedonshore in the Berkine Basin, Algeria.EXPLORATIONWestern AustraliaGulf of MexicoSoutheast AsiaIndiaSouth Africa111412329167We operate in some of the finest regions in the world for oil and gas opportunities. We have built alarge, advantaged and flexible resource base with a material position in key regions. Our success isscalable and can be replicated. We can go anywhere, any time.42 Petroleum Annual Review 2012BHP Billiton PetroleumGlobal Operations MapGlobal Overview 43
  • Neptune, Gulf of MexicoA BHP Billiton Petroleum operated permanently moored tension legplatform in the Gulf of MexicoAn IndustryLeaderBHP Billiton Petroleum is an industry leader in deepwaterdrilling and production and a leading shale producer.We continue to invest in our business by maintaininga long-term view.We have built a powerful platform which gives us theability to grow in multiple directions, with endlessopportunities for success.44 Petroleum Annual Review 2012
  • BHP Billiton Petroleum1360 Post Oak Boulevard, Suite 150Houston, Texas 77056United States of AmericaPhone: 1.713.961.8500Fax: 1.713.961.8400www.bhpbilliton.com