CNOOC to set up marine environment protection foundation

30 December 2011 03:54  [Source: ICIS news]

GUANGZHOU (ICIS)--China National Offshore Oil Corp (CNOOC) is seting up a Marine Environmental and Ecological Protection Foundation with an initial capital of yuan (CNY) 500m ($79m), the company said on Friday.

The foundation will focus primarily on marine environmental and ecological protection as well as related scientific research and technology advancement, CNOOC said in a statement.

The company has submitted a registration application to China’s Ministry of Civil Affairs for establishment of the foundation.

CNOOC, China’s biggest offshore oil and gas producer, reported several incidents in marine operation this year.

There was a gas leakage on 19 December at its subsea pipeline in Zhuhai, which shut two platforms of its PY30-1 and HZ21-1 fields.

The company also reported two oil spill incidents at Bohai Bay, in June and October.

($=CNY6.30)


By: Fanny Zhang
+65 6780 4359



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