ConocoPhillips sets CNY200m environment fund for Bohai Bay spill

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.

Half of the fund has been paid to China’s Ministry of Agriculture to improve the country’s fishery resources, while the remaining half will be used for other environmental projects, spokeswoman for ConocoPhillips China (COPC), Xue Dongming, told ICIS.

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)

By: Fanny Zhang
+65 6780 4359

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