BP Snaps Up New Offshore China Acreage From CNOOC

Law360, New York (July 16, 2013, 3:06 PM EDT) -- BP PLC has acquired new acreage in the South China Sea, entering a production sharing contract with state-owned China National Offshore Oil Corp. for a deepwater block in the sea's Pearl River Mouth Basin, the companies announced Tuesday.

Under the contract, BP will assume all the exploration-related expenses for Block 54/11, which covers nearly 2,900 square miles, while CNOOC said it has the right to participate in up to a 51 percent working interest in any commercial discoveries in the block. CNOOC will be responsible for...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.