Signs Agreements with CNOOC

BHP Billiton Limited
16 May 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.


Date                 16 May 2003
Number               18/03

                    BHP Billiton Signs Agreements with CNOOC

BHP Billiton today announced it had signed, together with the other participants
in the North West Shelf (NWS) Venture, further agreements with a related entity
of the China National Offshore Oil Corporation (CNOOC) with regard to the equity
participation by CNOOC in the North West Shelf Project. The agreements give
effect to the key terms agreed with CNOOC in October 2002 and follow on from the
sale and purchase agreements to supply gas to China's Guangdong liquefied
natural gas (LNG) project.

Under the equity agreements, CNOOC will purchase an interest in a new joint
venture that is being established within the NWS Project to supply LNG to the
Guangdong LNG Project in China. It will acquire title to a proportion of North
West Shelf gas reserves and rights to process its gas and associated liquefied
petroleum gas and condensate through North West Shelf Venture offshore and
onshore infrastructure. CNOOC will participate with a 25% share in the new joint
venture, the 'China LNG Joint Venture' and each of the six original NWS
participants will hold 12.5%.

Subject to anticipated completion of regulatory and other approvals later this
year, CNOOC, will pay each of the six NWS Venture participants about US$58
million for its interest in the NWS Project titles. This interest represents
about 5.3% of current NWS Project gas reserves.

CNOOC will also pay a tariff to the NWS Venture participants for access to the
processing infrastructure.

The transaction does not include equity in, or access to, oil reserves or oil
production facilities.

Last October, Sale and Purchase Agreements were signed between the NWS Venture
participants and the companies comprising the Guangdong LNG Project, including
CNOOC, for the purchase and supply of approximately 3.3 million tonnes of LNG
per year to Phase One of the project, China's first LNG import project which
will be located in the country's fastest growing Province.

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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Francis McAllister, Investor Relations                        Michael Campbell, Investor & Media Relations
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