BP (NYSE:BP) Approved for South China Sea Oil Block

BP (NYSE:BP) announced Monday it has been approved for its acquisition of an interest in the 42/05 block in the South China Sea.

The government of China approved the acquisition of 40.82 percent in the block for Energy China, Ltd.

Chevron (NYSE:CVX) has acquired the remaining 59.18 percent of the asset.

During the exploration phase of the project Chevron will be the operator, under the amendment agreements with China National Offshore Oil Corporation.