Ext O&G/Funding for Atlantis

BHP Billiton Limited
10 February 2003



     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.



10 February 2003
Number: 04/03



              BHP Billiton Announces Extension to Oil and Gas Find

          in Deep Water GOM; Completes Funding Allocation for Atlantis


BHP Billiton announced today the results of appraisal well GC 743-5 (also
referred to as Atlantis-6) and approved full funding for the development of the
Atlantis field.

Atlantis appraisal well encounters thick pay zones

The Atlantis-6 well confirms the presence of hydrocarbons in the previously
unexplored northern part of the structure. Additional drilling will be necessary
to further appraise this portion of the field and assess the impact on overall
reserves. Before drilling of Atlantis-6, the company's estimated gross proven
and probable reserves at Atlantis were 635 million barrels of oil equivalent.

Atlantis-6 is located on Green Canyon Block 743. The well encountered
hydrocarbons in several zones, including 605 feet (184 meters) of gross oil pay/
460 feet (140 meters) of net oil pay and 360 feet (109 meters) of gross gas pay/
200 feet (61 meters) of net gas pay.

BHP Billiton has a 44 per cent working interest both in the Atlantis-6 well and
the Atlantis field. BP is the operator with a 56 per cent interest in the well
and development project. The BP-operated rig Deepwater Horizon drilled
Atlantis-6 in water depths of 5,405 feet (1,643 meters) to a total depth of
20,131 feet (6,137 meters).

President and CEO of BHP Billiton Petroleum Philip Aiken remarked: 'The very
positive drilling results from our first well in the northern part of the field
will lead us to upwardly revise our overall proven and probable reserves gross
estimates of 635 million barrels of oil equivalent. This is another major
success in our deepwater Gulf of Mexico petroleum strategy.'

BHP Billiton commits US$1.1 billion for Atlantis development

BHP Billiton today also approved a total of US$1.1 billion (BHP Billiton share)
for the development of the Atlantis oil and gas reserves in the Gulf of Mexico.
This includes US$355 million the company approved in May 2002 to advance the
project by funding detailed engineering and design work, purchasing of long-lead
items, and awarding major contracts.

This completes the investment commitment by BHP Billiton that will be necessary
to bring Atlantis into production and recover the present estimate of 635
million barrels of oil equivalent (mmboe) gross (BHP Billiton share: 244 mmboe,
net after royalty payment).

The funds will cover the completion of project engineering, pre-drill and
completion of the initial producing wells, and construction and installation of
production facilities and subsea equipment.

Mr Aiken further commented: 'Development of the Atlantis field adds significant
value to the company. With the approval of the Mad Dog project last year and the
equity we purchased in associated pipeline infrastructure for these two large
developments, the company's Gulf of Mexico assets are poised to make a
substantial and long-term contribution to company earnings.'

Based upon recently completed engineering, planning, and contracting studies,
first oil is targeted for the third quarter of calendar 2006. Production is
expected to reach plateau levels at nameplate design capacity within the first
six months of operation. The field has an estimated production life of
approximately 15 years.

Background on the Atlantis field

The Atlantis development is located in the Atwater Foldbelt, approximately 125
miles south of New Orleans in the vicinity of Green Canyon Block 743, comprising
seven blocks in the area at water depths ranging from 4,400 to 7,100 feet. The
field will be developed using a moored semi-submersible production facility with
gross design capacity of around 150,000 barrels of oil per day and 180 million
cubic feet per day of natural gas. The system design contains provisions for
future capacity expansions. The exploitation of any additional upside volumes
would be the subject of future detailed engineering and cost estimates.

Atlantis is believed to be the third largest oil and gas field yet discovered in
the Gulf of Mexico and is one of the 50 largest hydrocarbon fields ever
discovered among the more than 31,000 fields found to date in the United States.
The Atlantis field was discovered in June 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.

BHP Billiton is among the largest acreage holders in the deepwater Gulf of
Mexico with approximately 270 leases concentrated primarily in the central Gulf
region.


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


Australia                                                     United Kingdom
Andrew Nairn, Investor Relations                              Mark Lidiard, Investor & Media Relations
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Tracey Whitehead, Media Relations                             Ariane Gentil, Media Relations
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United States                                                 South Africa
Francis McAllister, Investor Relations                        Michael Campbell, Investor & Media Relations
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