BP, Chevron target China deep water block-WSJ

[dipsydoodle]

Source: Yahoo

June 24 (Reuters) - Besieged energy giant BP Plc is set to partner with U.S. rival Chevron Corp (NYSE: CVX - news) to bid for a South China Sea exploration block, the Wall Street Journal said, citing a person familiar with the matter.

The move signals rival firms are still willing to partner with BP in deep water projects in spite of the company's failure to stop a Gulf of Mexico oil well leak that is threatening to pollute the U.S. Gulf coast, the Journal said.

Chevron will have a 60 percent stake in the block and act as operator, with BP holding the remaining interest, the person told the paper.

Cnooc Ltd , a unit of China National Offshore Oil Corp, has the right to take a 51 percent stake in the block if the companies make a commercial oil or natural gas discovery, according to the paper.

Read more: http://uk.finance.yahoo.com/news/bp-chevron-target-china-deep-water-block-wsj-targetukfocus-bd5f115c4677.html

[cstanleytech]

1. "that is threatening to pollute the U.S. Gulf coast"????

There is no doubt its polluting it so whatever they are smoking to cause them to even cast doubt on it I want some.