BHP Sells Share-Buffalo Oil

BHP Limited
28 November 2000



BHP Limited (BHP) today announced it has agreed to sell BHP Petroleum (North
West Shelf) Pty Ltd's interest in the Timor Sea located Buffalo oil field to
the InterOil Corporation (InterOil) for US$21 million. 

The sale to InterOil is subject to the pre-emptive rights of BHP's joint
venture partner Nexen Petroleum Australia Pty Limited (formerly Canadian
Petroleum Australia (Operations) Pty Limited) to acquire the asset and formal
government approvals. It is expected the sale will be completed early next
year.

The Buffalo oil field was discovered in 1996 and is located in Production
Licences WA-19L and WA-21-L in the Timor Sea off the north-west coast of
Australia, approximately 560kms from Darwin. Along with its joint venture
partner Nexen Petroleum Australia Pty Limited (50%), BHP Petroleum (50%,
operator) announced the start of oil production from the field in December
1999. 

The sale of BHP's interest in the Buffalo oil field is part of the Company's
active portfolio management strategy. It also marks a further stage in the
Company's efforts to concentrate its petroleum activities around high value
growth strategies in deepwater exploration and development, gas
commercialisation and gaining access to discovered resources in North Africa
and the Middle East. 


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

Contact:

MEDIA RELATIONS       

Mandy Frostick, Manager Media Relations       
Ph: 61 3 9609 4157        
Mob: [phone]                                  


INVESTOR RELATIONS

Robert Porter, Vice President Investor Relations
Ph: 61 3 9609 3540
Mob: [phone]