BHP Billiton Limited announced today that it has expanded its petroleum exploration portfolio with the addition of deepwater acreage off the coast of Brunei Darussalam in Southeast Asia.

On 29 January 2002 the Government of Brunei Darussalam awarded Block J to a joint venture of BHP Billiton, TotalFinaElf, and Amerada Hess Corporation. The award is subject to final negotiation and execution of a Production Sharing Contract with the Government, which is expected within the next few months.

Block J is approximately 5,000 square kilometres in size and was one of only two deepwater blocks offered last year. This is the first time Brunei has allowed exploration activities in its deepwater acreage. BHP Billiton holds a 25 percent interest in Block J, with TotalFinaElf (the designated operator) holding a 60 percent interest, and Amerada Hess holding the remaining 15 percent equity.

"This deepwater acreage will significantly enhance our asset portfolio," explained Philip Aiken, President and Chief Executive Officer of BHP Billiton Petroleum. "It adds value by expanding our growth opportunities with high-margin oil prospects in a new, lightly explored area where we can apply our proprietary skill base and specialized experience."

An extensive 3D seismic survey has already been conducted over the area, providing the joint venture with high quality data for accelerating the initial phase of its exploration program. The JV anticipates spudding the first wells on Block J in the next 12 months.

Brunei Darussalam has a long and distinguished history of petroleum exploration and production. Crude oil and liquefied natural gas are its main exports, contributing a large portion of the country's gross domestic product.

Further information about the BHP Billiton Group can be found at http://www.bhpbilliton.com


Contact
Australia
Mandy Frostick
Media Relations
Phone: + 61 3 9609 4157
Mobile: + 61 419 546 245
E-mail: Mandy.J.Frostick@bhpbilliton.com


Americas
Patrick Cassidy
Public Affairs-Petroleum
Phone: +1 713 961 8517
Mobile: +1 713 542 2133
E-mail: Patrick.E.Cassidy@bhpbilliton.com