February 15, 2012 / 12:40 AM / 8 years ago

BP gets ok for gas exploration in South China Sea-paper

SHANGHAI, Feb 15 (Reuters) - London-based oil giant BP has won permission to explore for deepwater gas reserves in the South China Sea from China’s Ministy of Commerce, the China Daily reported on Wednesday.

The project, BP’s second deepwater foray into China, would be 40 percent owned by the oil major during the exploratory phase with its stake reduced to 20 percent when the project moves into production, the paper said.

The ministry’s approval was the final official step required before the project can begin, after BP and China National Offshore Oil Corp (CNOOC) signed a deal for the project in London in January, according to the paper.

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