BP has secured another deepwater fuel exploration project in China.
China's ministry of commerce has approved a project that allows the British oil giant to have a presence in block 43/11, a gas field in the South China Sea, the China Daily reported quoting Chen Liming, head of BP China.
According to Chen, BP will have a 40 percent stake during the exploration and 20 percent at the stage of production in the block which is operated by the China National Offshore Oil Corp (CNOOC).
Now that the final nod has been granted, BP can initiate the exploration process anytime on the project for which a deal was signed between the CNOOC and BP in London last month, the report added.
No details are known yet about the schedule of the exploration, BP's second deepwater venture in China. The oil major already holds a 41 percent stake in another South China Sea block.
As of now, BP's China arms focus mainly on natural gas and refining. Its total investment in various operations in the country will amount to $5 billion.