Feb 14 2012 |
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BP to start exploration in S. China Sea gas field
TOKYO, Feb 14 (KUNA) -- China's Ministry of Commerce has given approval to British oil giant BP to explore in a gas field in the South China Sea, which China National Offshore Oil Corp (CNOOC) is the operator, state media reported Tuesday. " BP will have about 40 percent of the stake in block 43/11 during the exploration period, while after the block enters into its production phase, the firm will have about 20 percent of the share," said President of BP China Chen Liming, according to the China Daily. The green light from the ministry is the final procedure before the project is due to start, but Chen didn't say when that would be, according to the newspaper. BP and China's biggest offshore oil explorer CNOOC signed a cooperation agreement on the project during Chinese Vice-Premier Li Keqiang's visit to London in January. This is BP 's second deepwater project in China following a 40.8 percent stake in block 42/05 in the east China Sea that was bought from US-based Devon Energy in September of 2010.Zawya Comment Policy
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