BHP said it expected to wrap up the deal during the fourth quarter of the year, following the necerssary regulatory approvals.
BHP's Pakistan gas unit holds a 38.5% stake in the Zamzama gas field in Sindh province, which lies in the country's south.
The other owners of the field include Eni, Premier Oil, Kufpec, and the Pakistan government.
BHP has been reviewing its asset portfolio in recent years and in 2013 sold off its interest in the Liverpool Bay field in the Irish Sea and is understood to currently be looking for a buyer for its Algerian assets.
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