BP gets OK for South China Sea Gas Exploration

David Nealis President of Blue Bridge

BP gets OK for South China Sea Gas Exploration BP PLC has obtained approval from the Ministry of Commerce of China to explore in the South China Sea in what will be the company's second deepwater project in China. BP received approval to have a presence in a gas field known as block 43/11, operated by the China National Offshore Oil Corp (CNOOC). BP will have a roughly 40% stake in the block during the exploration period and a 20% share when the project has moved into production according to sources familiar with the deal.