This presentation discusses Woodside's proposed Browse LNG development project. It contains 15.5 trillion cubic feet of gas and 417 million barrels of condensate reserves. The project would involve 3 deepwater trunkline units and 1 central processing facility offshore, connected to 3 LNG trains with a combined capacity of 12-13 million tons per year. A final investment decision is planned for the first half of 2013. The presentation emphasizes the quality of the development plan and Woodside's capabilities to execute a large LNG project.

1. Woodside
Browse LNG Development
Steve Banks
General Manager Browse Development & Governance
February 2013

2. Disclaimer and Important Notice
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
Slide 2

3. Woodside overview
Domgas plant North Rankin KGP LNG 1-3 Cossack Goodwyn A Northern KGP LNG 4/5
1984 A 1984 1989-1992 Pioneer FPSO# 1995 Endeavour 2004-2008
1995 FPSO 1999
Nganhurra Otway gas Ngujima-Yin Angel Okha FPSO Pluto A Pluto gas
FPSO plant* FPSO 2009 2011 2012 plant
2006 2007 2008 2012
*Otway gas plant interest divested 2010 #Cossack Pioneer replaced by Okha in 2011
Slide 3

4. North West Shelf
 Australia’s largest oil & gas
resource development
 A$27 billion investment
 Operating for 28 years
 3500+ LNG cargoes
 Operated by Woodside
Slide 4

5. Pluto LNG
 90% Woodside owned
(operator)
 LNG production began in April
2012
 First LNG cargo in May 2012
 20+ year production life
Slide 5

6. Sunrise
 Located in the Timor Sea
 80% in Australian waters
 Joint venturers
–Woodside (operator)
–Conoco Phillips
–Shell
–Osaka Gas
Slide 6

7. Browse basin
Slide 7

8. Browse LNG resource
 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
Slide 8

9. Browse video animation
Slide 9

10. Quality development
 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
Slide 10

11. Browse contracting strategy
 Competitive tender process
 Maximising front-end loading
 Optimising lump sum
components
 Tier one contractors
Slide 11

12. Leveraging our capabilities
 Core capabilities and functional
excellence
– Leverage lessons learned
 Joint venture partners involved in
extensive assurance program
 Historic Native Title Agreement
 State environmental approval
Slide 12

13. Next steps
 Complete evaluation
 Secure final approvals
 Final Investment
Decision
– 1H 2013
 Execute
Slide 13