The British oil giant, British Petroleum (BP), is set to sign a major deal with Chinaos largest offshore oil and gas producer when Prime Minister David Cameron of Great Britain visits Beijing this week, a report disclosed on Saturday.
According to the Sky News, BP is hoping to conclude an agreement with China National Offshore Corporation (CNOOC) to explore an area of the South China Sea, where already the two companies have worked together.
Nonetheless, BP is refusing to comment publicly on the matter.
Accompanied by four of his top ministers, Cameron begins a two-day state visit to China on Tuesday. He will meet Chinese President Hu Jintao and Premier Wen Jiabao for talks that are anticipated to focus partly on energy topics.
BP is making efforts to rebuild its global status after the disastrous oil spill from a well it operated in the Gulf of Mexico.
The company announced that this month the spill will cost it 40 billion U.S. dollars after boosting its estimate by nearly a quarter.
