ConocoPhillips, CNOOC to settle $158m Bohai Bay oil spill claims

25 January 2012 03:13  [Source: ICIS news]

SINGAPORE (ICIS)--ConocoPhillips and China National Offshore Oil Corp (CNOOC) have agreed to shell out yuan (CNY) 1bn ($158m) to settle issues related to the oil spill incident at China’s Bohai Bay in June last year, the US refining major said late on Tuesday.

The spill occurred at Peng Lai 19-3 oil field in northern China that is jointly developed by ConocoPhillips and CNOOC.

ConocoPhillips China has a 49% interest at the oil field, while CNOOC holds the remaining 51% interest.

The settlement payment negotiated with China’s Ministry of Agriculture will be used to settle public and private claims of potentially affected fishermen in relevant Bohai Bay communities, ConocoPhillips said in a statement.

ConocoPhillips will designate CNY100m of its previously announced environmental fund to improve fishery resources in the area, the company said.

($1 = CNY6.34)

By: Nurluqman Suratman

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