Joint Venture

Broken Hill Proprietary Co Ld
31 March 2000

Ref: 29/00

BHP ACREAGE FARM-OUT IN THE GULF OF MEXICO

The Broken Hill Proprietary Company Ltd (BHP) announced today it has entered
into a significant Joint Venture Agreement with Total Exploration Production
USA, Inc. (Total) covering 21 leases owned by BHP in the Walker Ridge Area of
the Gulf of Mexico.

Under the terms of this agreement, Total will earn a 30 per cent interest in
the Chinook Prospect comprising Walker Ridge Blocks 425, 426, 468, 469 and
470, and the Klondike Prospect comprising Walker Ridge Blocks 419, 420, 421,
422, 464 and 465.    This agreement also provides Total with the option to
earn a 30% interest in the Cascade Prospect comprising Walker Ridge Blocks
161, 163, 204, 206, 207, 248, 250, 251, 293 and 294.   BHP will retain a 70
per cent interest in the leasehold acreage and serve as Operator for the Joint
Venture.
 
Total will earn its interest by payment of consideration applied to future
exploration costs.  The full terms and conditions of this arrangement will not
be disclosed at this time.  The initial exploration well is planned for late
this calendar year on the Chinook structure located some 45 miles to the SW of
the recent discovery at Mad Dog.  The Mad Dog structure extends over a number
of blocks in which BHP has interests ranging from 11.44 per cent to 44 per
cent.  The initial test well will be operated by BHP utilising the C R  Luigs
drillship which is currently under contract to BHP for 30 months.

BHP acquired these leases at the 1996 and 1997 Gulf of Mexico Central Lease
Sales prior to announced discoveries in the Atwater Foldbelt Trend for an
average bonus cost of US$490 000 per block.  Leasing activity and bid amounts
have increased dramatically for competitive acreage within the Atwater
Foldbelt Trend since 1997 with several single lease blocks receiving bids in
excess of US$10 million.  Exploration success in the Atwater Foldbelt has
enhanced the geological prospectivity of this part of the Gulf of Mexico and
led to significant industry interest associated with BHP's leasehold position
in Walker Ridge.

BHP's Walker Ridge leasehold is approximately 205 miles from the coast of
Louisiana, and is 80 miles from existing pipeline infrastructure.  Water
depths over these prospects range from 6 100' - 9 200'. These prospects in the
Walker Ridge Area of the Gulf of Mexico are in the south western continuation
of the Atwater Foldbelt which contains the Atlantis, Mad Dog and Neptune
discoveries where BHP has substantial interests.  These discoveries are the
ongoing subject of further evaluation and appraisal.


The Gulf of Mexico deepwater exploration program is an important part of BHP's
focused exploration strategy.  The Company currently owns an interest in 130
blocks in this trend which has yielded multiple hydrocarbon discoveries. This
Joint Venture with Total is a value generating arrangement for BHP and is
consistent with its ongoing active portfolio management, designed to maximise
shareholder value while maintaining material positions and selected
operatorships in its primary focus areas.  This joint venture arrangement
serves to reduce the Company's financial commitment and risk exposure and
introduces a highly experienced partner into BHP's ongoing Gulf of Mexico
exploration and development program. 

BHP welcomes the opportunity to joint venture with Total in exploring and
testing this highly prospective extension of the Atwater Foldbelt Trend in the
Gulf of Mexico.


Contact: 
MEDIA RELATIONS:       Dr Malcolm Garratt
                       Group Manager External Affairs 
                       Phone:  + 61 3 9652 6872
                       Mobile:  [phone]

INVESTOR RELATIONS:    Dr Robert Porter
                       Vice President Investor Relations
                       Phone:   [phone]
                       Mobile:  [phone]