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...
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