[Image courtesy of www.bp.com]
CBI member BP recently received approval from China's Ministry of Commerce to explore for natural gas in the South China Sea in what will be the British energy giant's second deepwater project in China. BP now has permission to establish a presence in a gas field known as block 43/11, which is operated by China National Offshore Oil Corporation.
BP will hold a 40% stake in the project during exploration and later receive 20% of any production. BP and CNOOC first signed a cooperation agreement for the project during Chinese Vice-Premier Li Keqiang's visit to London in January.
BP has invested around $5 billion in China since its entry into the country in the late 1970s to the end of 2010.
