Monday, November 8, 2010

BP (NYSE:BP) About to Sign Deal with CNOOC

A report from Mark Kleinman of Sky News said that BP (NYSE:BP) is close to signing a “major” exploration deal China National Offshore Oil Corp. (CNOOC), the state-owned energy company.

The two companies would explore the South China Sea together, according to Kleinman, writing on his blog. BP and CNOOC have worked together in the past in the same region.

British Prime Minister David Cameron is set to visit China this week, and the deal should be completed before that time.

Neither company commented on the assertion, which cited unnamed sources.

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