Chesapeake Energy Corp said it is selling its holdings in Arkansas' Fayetteville shale natural gas field to a unit of BHP Billiton for $4.75 billion in cash. Chesapeake said the deal with BHP Billiton Petroleum includes existing net production of about 415 million cubic feet of natural gas equivalent per day and midstream assets with about 420 miles of pipeline. Chesapeake has agreed to provide essential services for up to one year for BHP Billiton's Fayetteville properties. The deal is expected to close in the first half of 2011. (Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Maju Samuel)
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