Corporate Information

Press Release (Mar 30,2004)
Bayu-Undan field Development Project Achieved First Petroleum Shipment --- Darwin LNG Project Moves to Commercial Success ---
30 March 2004
Tokyo Electric Power Company, Incorporated
Tokyo Gas Co., Ltd.

Tokyo Electric Power Company, Incorporated (TEPCO) and Tokyo Gas Co., Ltd.
 (Tokyo Gas) participate, through Tokyo Timor Sea Resources Inc., in the 
Darwin LNG Project including development of Bayu-Undan field, production, 
transportation and liquefaction of gas. Following the start of production 
in the Bayu-Undan field on 10 February 2004, TEPCO and Tokyo Gas announced 
that the Bayu-Undan field Development Project made the first shipment of 
339,742 barrels of condensate destined for the Asian market today.

The Bayu-Undan field is located about 250 kilometers off the southern coast 
of Timor-Leste and 500 kilometers offshore from Darwin in Australia. 
The field contains estimated recoverable hydrocarbons of 400 million barrels 
of petroleum (liquefied petroleum gas and condensate*) and 3.4 trillion cubic 
feet of natural gas. 

The first condensate shipment marks an important milestone for the commercial 
success of the Project. The first shipment of LPG is planned in May 2004, 
and the Project is expected to be a major supplier of condensate and LPG to 
the Asian market. As to natural gas, pipeline and liquefaction plant 
construction (to provide an annual LNG production capacity of 3.52 million 
tons) is proceeding smoothly, and the commencement of LNG shipments to TEPCO 
(2 million tons/year) and Tokyo Gas (1 million tons/year) is planned for the 
first quarter of 2006.

TEPCO and Tokyo Gas have already started LNG transportation business with 
their own ships. The participation in the Darwin LNG Project means that the 
two companies actively get involved in the whole LNG chain: gas development 
and production, liquefaction, transport, and consumption of LNG in the power 
generation and the gas distribution. TEPCO and Tokyo Gas believe that the 
involvement in the whole LNG business chain will ensure them a stable and 
economic supply of the fuel and city gas feedstocks.

Both TEPCO and Tokyo Gas will make every effort to make a further success of 
the Project, together with the relevant governmental authorities of Timor-Leste 
and Australia, relevant local government and authorities as well as 
ConocoPhillips of the US, Eni of Italy, Santos of Australia, and INPEX of Japan.

 * Condensate: Very light crude oil utilized in the production of gasoline, 
   naphtha, aromatics, etc.

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