BP Gets Approval to Explore Gas Field in South China Sea

A report in China Daily said Wednesday that BP Plc has obtained approval from the Ministry of Commerce to explore in the South China Sea.

BP last week received the approval to have a presence in a gas field known as block 43/11, which is being operated by China National Offshore Oil Corp.

Chen said BP will have a roughly 40 percent stake in the block during the exploration period and a 20 percent share when the project has moved into production.

BP said such deepwater work is among the four areas of opportunity the company wants to exploit in conjunction with its Chinese counterparts in China and overseas markets. The other three pertain to natural gas - both conventional and unconventional types - integrated refining and chemicals and high-end lubricants.