Wheatstone Project Plant, Onslow WA (image courtesy of Chevron Australia). Wheatstone Project OVERVIEW DECEMBER 2015 The Wheatstone Project is a world-class asset delivering near-term production to Woodside’s expanding LNG portfolio. BACKGROUND Woodside holds a 13% non-operated interest in the Wheatstone offshore platform, the pipeline to shore and the onshore plant located near Onslow, in Western Australia’s Pilbara region. The onshore plant includes a two-train 8.9 million tonnes per annum (mtpa) (1.16 mtpa Woodside share) LNG development and a 200 Terajoule per day domestic gas plant. LNG and condensate will be exported and domestic gas will be transported via pipeline to the Dampier Bunbury Natural Gas Pipeline. Woodside is also operator of the Julimar Project with a 65% interest in the Julimar and Brunello fields. The Julimar Project is a subsea development that will supply raw gas and condensate from the Julimar and Brunello fields located approximately 180 km west-north-west of Dampier to the Chevron-operated Wheatstone Platform. The platform is within Commonwealth waters and 225 km from the onshore plant site. In September 2011, the Wheatstone participants made a final investment decision to proceed with the Wheatstone Project and construction commenced in December that year. The Wheatstone Project has made a significant contribution to the Australian economy through employment, government revenue and local business opportunities during its construction phase and will continue to do so in the operations phase. The Wheatstone Project has generated more than 7,000 direct jobs in Australia through the project and its contractors. Since construction began in 2011, more than $320 million has been contributed to over 75 Onslow businesses and organisations for site construction contracts and town-based services. In addition, more than $250 million has been committed to social infrastructure projects in Onslow, which will include upgrading community facilities, education and health services and roads and water infrastructure. Woodside is proud to be a joint venture participant in the project and is committed to supporting Chevron through our learnings from more than 30 years of project construction and operations in Western Australia. The Wheatstone Project is a joint venture between Woodside Energy Julimar Pty Ltd (13%) and Australian subsidiaries of Chevron (64.14% operator), Kuwait Foreign Petroleum Exploration Company (13.4%), and Kyushu Electric Power Company (1.46%), together with PE Wheatstone Pty Ltd, part owned by TEPCO (8%). WOODSIDE EQUITY The Woodside-operated Julimar and Brunello fields will supply 20% of the Wheatstone Project’s foundation capacity of natural gas with the remaining 80% supplied from the Chevron-operated Wheatstone and Iago fields. The diagram below explains Woodside’s equity in the Wheatstone Project product. Julimar Project Wheatstone Project Julimar Wheatstone Brunello fields – Woodside 65% Iago fields – Woodside 0% 20% Gas supply to Wheatstone Project 80% Gas supply to Wheatstone Project Offshore platform – Woodside 13% Offshore pipeline – Woodside 13% Onshore plant – Woodside 13% Products LNG Woodside 13% Wheatstone Platform, July 2015 (image courtesy of Chevron Australia). Pipeline gas Woodside 13% Condensate Woodside 13% All figures are approximate. Product percentage depends on supply gas composition. WOODSIDE-OPERATED JULIMAR PROJECT The Julimar Project consists of a number of phases commencing with the Brunello reservoir development, which is closest to the Wheatstone Platform. Subsequent phases will be developed over the next 20 years. The first phase consists broadly of: Five production wells clustered around the Brunello subsea production manifold; The Brunello cross-over manifold that provides a tie-in point for the Brunello production fluids and facilitates future expansion; Two 22.5 km corrosion resistant alloy 18 inch production flowlines from the Brunello cross-over manifold to the Wheatstone platform; and Installation of the Julimar-Brunello subsea infrastructure commenced in 2014 in accordance with the Julimar Project Environment Plans and Field Development Plan. As operator, Woodside is executing the remaining subsea infrastructure installation phase and will commission and operate the Julimar and Brunello gas and condensate wells and flowlines. Woodside’s operations are characterised by strong safety and environmental performance in remote and challenging locations. We are confident that with our extensive offshore experience and commitment to industry leading health, safety and environmental performance, we can uphold our reputation and deliver a quality project. The Julimar Project is a joint venture between Woodside Energy Julimar Pty Ltd (65%, operator) and Kuwait Foreign Petroleum Exploration Company (35%). A 4-inch mono-ethylene glycol pipeline and 5.5-inch electrichydraulic control umbilical. Wheatstone Brunello Iago Julimar Trunkline Karratha Gas Plant Barrow Island Wheatstone Gas Plant Onslow Ashburton North D Na amp tu ier ra to lG B as un Pi bu pe ry lin e Karratha 0 50km Image courtesy of Chevron Australia. If you require further information about Woodside’s interest in the Wheatstone Project or the Julimar Project, please contact the Wheatstone team: Follow us online Note: All information is current as of December 2015. For the latest information and updates please visit: http://www.woodside.com.au/wheatstone #2030442 Email: companyinfo@woodside.com.au Phone: +61 8 9348 4000 Fax: +61 8 9214 2777