The remaining 59.18% of the block is acquired by Chevron.
Chevron will be the operator during the exploration phase under the amendment agreements to a production sharing contract with China National Offshore Oil Corporation (CNOOC).
CNOOC has the right to back-in to a level of 51% during the development phase of the production sharing contract, according to the company.
BP’s head of Asia Pacific Exploration & Production William Lin said that the company is currently a partner with CNOOC, producing gas from the Yacheng 13-1 field in the South China Sea for supply into Hong Kong and Hainan Province.
"This new opportunity in Block 42/05 is a significant step to increasing our footprint in the region, as well as building on our existing business in the South China Sea," Lin said.
