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.

BP's (NYSE:BP) Stake in Pan American Would Generate $9 Billion

With liquidity being a major factor in the health of BP (NYSE:BP) and their ability to handle the mounting liabilities connected to the Gulf oil spill, speculation that Pan American would generate $9 billion for the company was put forth by the Financial Times, which cited bankers, analysts and industry executives as to the amount it would bring on the market.

BP owns a 60 percent stake in Pan American, which is based in Argentina, and is looking to divest of $10 billion in assets, which would almost handle it all in one sale if it was to materialize.

Other rumors are the oil giant could be looking to divest of assets in the North Sea as well, with those generating up to $3 billion, although they had that in mind before the Deepwater Horizon accident, but could still be in play.

China National Offshore Oil Corporation has shown interest in Pan American, while Russia has shown interest in other assets from BP and is ready to invest with the right deal.