SHANGHAI, Feb 15 (Reuters) Londonbased oil giant BP has won permission to explore for deepwater gas reserves in the South China Sea from China's Ministy of Commerce, the China Daily reported on Wednesday.
The project, BP's second deepwater foray into China, would be 40 percent owned by the oil major during the exploratory phase with its stake reduced to 20 percent when the project moves into production, the paper said.
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