US ConocoPhillips to set up fund to address China Bohai Bay spill

07 September 2011 15:29  [Source: ICIS news]

HOUSTON (ICIS)--ConocoPhillips plans to set up a fund to deal with impacts from recent oil spills at the Peng Lai 19-3 field in Bohai Bay, the US-based energy major said on Wednesday.

ConocoPhillips deeply regrets these incidents and apologises for the impact that the incidents have had on the Chinese people and the environment,” CEO James Mulva said. 

ConocoPhillips China will seek to work with relevant Chinese authorities and its co-venturer in the field, China National Offshore Oil Corp (CNOOC), in establishing and operating the fund, he added.

The company did not disclose the planned fund’s value.

Last year, BP set up a $20.0bn (€14.4bn) escrow fund to deal with the fallout from its massive spill in the Gulf of Mexico.

($1 = €0.72)

By: Stefan Baumgarten
+1 713 525 2653

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