03 February 2012 09:07 [Source: ICIS news]
SINGAPORE (ICIS)--ConocoPhillips has established a yuan (CNY) 200m ($32m) environmental fund for the oil spill at its Peng Lai 19-3 oilfield in northern China’s Bohai Bay, a company official said on Friday.
The company made the announcement of the fund in September last year, but did not reveal the amount.
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COPC is still waiting for the approval of Chinese regulators on its revised environment impact assessment and overall development plan for the Peng Lai 19-3 oilfield before resuming production, Xue said.
COPC halted production at the oilfield on 13 July 2011 following oil spills in June.
COPC, which is the operator of the oilfield, holds a 49% stake in Peng Lai 19-3, while CNOOC holds the remaining 51% stake.
($1 = CNY6.31)
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