BHP Billiton is buying shale gas assets from Chesapeake Energy Corp for $4.75 billion, pitting itself for the first time against oil giants and China in the battle for the fast-growing energy source in North America.

The deal marks the top global miner's first attempt at picking up assets since failing on three mega-deals over the past three years and sets it further apart from its mining peers with a big bet on the world's biggest gas market.

BHP said it was buying Chesapeake's holdings in Arkansas' Fayetteville shale natural gas field, put up for sale by the No.2 U.S. gas producer just two weeks ago to help trim a heavy debt load.

Chesapeake's move at the time sparked talk it was bowing to pressure from billionaire Carl Icahn, a 6 percent stakeholder.

Following a shale gas asset buying spree and in the face of persistently low natural gas prices, the company has said it wants to back away from gas and look for oil instead.

The deal pits BHP head-to-head against China in a race for global energy assets, following state-owned PetroChina's $5.5 billion agreement to buy shale gas stakes from Canada's largest gas producer, Encana Corp earlier this month.

China's CNOOC earlier bought about $2.4 billion worth of shale stakes from Chesapeake, while Indian energy companies including Reliance Industries have also been investing heavily in the burgeoning sector.