BHP denied the reports, but said a future sale could not be ruled out, reported the Australian Financial Review.
Houston-headquartered BHP Billiton Petroleum earned underlying profit of US$3 billion in 2007 on revenues of US$4.9 billion - representing 12% of its parent's total turnover.
It is Australia's largest oil and gas producer, well ahead of Woodside Petroleum.
Its principal oil and gas countries are Australia, the United Kingdom, the US, Algeria, Trinidad and Tobago, and Pakistan.
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