Significant Oil Discovery

BHP Billiton Limited
4 December 2001




    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.



4 December 2001

Number: 35/01



     BHP BILLITON ANNOUNCES SIGNIFICANT OIL DISCOVERY OFFSHORE TRINIDAD



BHP Billiton today announced the results of the Canteen-1 exploration well
that was recently drilled offshore Trinidad. The well confirms a significant
oil resource and is the Group's fourth commercial hydrocarbon discovery in the
shallow waters off the east coast of Trinidad.

Drilling of the Canteen-1 exploration well began on 23 October 2001, in block
2(c) with the jack-up rig Global Marine Labrador 1.  The well is located in a
water depth of 164 feet, approximately one mile north of the previously
announced oil and gas discovery at Kairi-1, which is also in Block 2(c).

The Canteen well has demonstrated a lateral extension of the accumulation and
further appraisal drilling will be required to define the level of reserves.
This is an early stage of the appraisal programme and the data so far
indicates the accumulation is likely to be a multi-hundred million barrel
discovery.

Canteen-1 was drilled to a total depth of 7,070 feet and encountered
approximately 700 feet (gross) of hydrocarbon-bearing sands that included 200
feet of net oil pay and 179 feet of net gas pay. The well was tested at a rate
of 3,700 barrels of oil per day through a 72/64 inch choke.

Log and test data from Canteen-1 indicate a high quality reservoir formation
similar to that found in the Kairi-1 well. As announced on 6 November 2001,
Kairi-1 flowed at 3,000 barrels per day through a 38/64 inch choke, and found
a hydrocarbon column that included 235 feet of oil pay and 322 feet of gas
pay.

BHP Billiton Petroleum President and Chief Executive Officer Philip Aiken
said: 'The results from Canteen-1 confirm a significant oil find.  With this
being our fourth discovery in the area, offshore Trinidad has the potential to
become a major hydrocarbon producing province, providing significant value to
all stakeholders.

'We will look to fast track the development, which given the relatively
shallow water and proximity to the coast, could be in production within two to
three years.'

 An appraisal drilling program will continue to assess the extent of BHP
Billiton's discoveries in Trinidad and to determine the reserves levels and
development planning options.

BHP Billiton holds a 45 per cent interest in Block 2(c) and is the designated
operator. Other partners include TotalFinaElf, with a 30 per cent interest,
and Talisman Energy, which holds a 25 per cent interest.

BHP Billiton is also involved in the negotiation of a Production Sharing
Contract for exploration Block 3(a), which is adjacent to the Group's
discoveries in Block 2(c).



                                   * * * *

Further information can be found on our Internet site: http://
www.bhpbilliton.com
Australia                              United Kingdom/South Africa

Dr. Robert Porter, Investor Relations  Michael Campbell, Investor & Media
                                       Relations
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Mandy Frostick, Media Relations

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United States

Francis McAllister, Investor Relations

Tel: [phone]  Mobile: +1 713
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