Abstract: A pack-off bushing for placement inside an outer conduit while a fluid is passed through an inner conduit positioned within the outer conduit. The bushing includes a mandrel having a mandrel passage extending axially therethrough, a housing carried on the mandrel and capable of axial movement relative to the mandrel and a balancing system associated with the mandrel and the housing for applying a balancing force to the mandrel to oppose an axial mandrel force applied to the mandrel.