On 16th July CBI member BP and CNOOC signed a production sharing agreement for Block 54/11 in the deepwater Pearl River Mouth Basin, South China Sea.
The block covers 4,586 square kilometres in water depths from 370 metres to
2,300 metres, and is close to BP's existing deepwater interests in Blocks 43/11
CNOOC will be the operator of 54/11. Terms of the production sharing agreement were not disclosed.
Liming Chen, President of BP China, said, "This builds on our South China Sea presence creating a strong base for future exploration success for China and for BP."
Please click here to read the full press release by BP.