Adv Dev of Atlantis O&G Field

BHP Billiton Limited
3 May 2002


     BHP Billiton Limited is issuing this announcement to fulfil disclosure
  obligations arising from its secondary listing on the London Stock Exchange.

    The text of this release is identical to that issued by BHP Billiton Plc
                                    earlier.



3 May 2002
Number: 27/02

                 BHP BILLITON ADVANCES DEVELOPMENT OF ATLANTIS 
                      OIL AND GAS FIELD IN GULF OF MEXICO  


BHP Billiton today announced it had approved up to US$355 million to progress
the development of the Atlantis oil and gas field in the Gulf of Mexico (GoM).
BHP Billiton holds a 44 per cent equity interest in the field.  BP is the
operator of the field and holds the remaining 56 per cent interest.  Studies
conducted by the operator estimate the Atlantis field's gross proven and
probable reserves to be 575 million barrels of oil equivalent (mmboe) (BHP
Billiton share 222 mmboe after royalties of 12.5%), making it the third largest
field in the Gulf of Mexico deepwater.

This capital commitment will allow completion of front-end engineering and
design work (FEED), progression into detailed engineering and design, purchase
of long-lead items and most major equipment and placing major facility
fabrication contracts. Full project approval is expected later this year on
completion of the final capital cost estimate and project schedule, which will
be derived from the FEED studies. The gross capital cost is expected to be in
excess of US$2 billion (BHP Billiton share approximately US$1 billion).

This commitment is a major step in the project development and aligns with the
operator's forward project implementation schedule and funding requirements. The
project has been evaluated and approved through the BHP Billiton internal
capital assessment, technical and commercial evaluation and risk management
processes. It represents a robust, major deepwater development, with significant
value potential for BHP Billiton.

Located in water depths of 4400 - 7100 feet, Atlantis will be developed using a
moored semi-submersible production facility with a gross design capacity of
around 150,000 barrels of oil per day (bopd) and 180 million standard cubic feet
of gas per day (mmscfd).  The field will also have a separate semi-submersible
drilling unit dedicated to development.

The Atlantis field is located in the Atwater Foldbelt, 125 miles south of New
Orleans in the vicinity of Green Canyon Block 743, comprising seven blocks in
the area.  Oil and gas produced at Atlantis will be transported to a platform at
Ship Shoal Block 332 by the Caesar and Cleopatra pipelines, in which earlier
this year BHP Billiton acquired a 25 per cent and 22 per cent interest,
respectively.  From there, oil and gas can be transported to markets in Texas
and Louisiana.

President and CEO of BHP Billiton Petroleum Philip Aiken said: 'The commitment
to the Atlantis development marks another landmark in the Group's focused
deepwater exploration strategy, which continues to deliver value to the company
and its shareholders. The completion of the design work later this year and the
procurement of long lead time items will maintain our first production target of
calendar 2005.

'The reserves estimate indicates that this is a major oil field development, the
third largest deepwater field in the Gulf. It is the second that BHP Billiton
will commercialise in the Atwater Foldbelt, following the development decision
on Mad Dog earlier this year,' Mr Aiken said. 'When these two developments come
on-stream they should provide BHP Billiton with working interest production of
approximately 90, 000 barrels of oil per day and 90 mmcfd of gas. There is also
additional upside potential within the Atlantis field and other nearfield
opportunities.'


Background

The Atlantis field was discovered in September 1998 in 4,400 feet of water with
the Atlantis-1 well drilled in Green Canyon Block 699. Further appraisal wells
were drilled in 3Q 2000 (Atlantis 2 and sidetrack) and 3Q 2001 (Atlantis 3 and
sidetrack) The accumulation encompasses seven blocks in the southeast portion of
the Green Canyon Protraction area.


Further information can be found on our Internet site: http://
www.bhpbilliton.com.


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Francis McAllister, Investor Relations
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