The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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US supermajor ConocoPhillips and China's CNOOC Ltd have agreed to jointly pay 305 million yuan ($48 million) in compensation to Chinese fishermen and restore the maritime environment in the Bohai Bay area, following an oil spill last year.
ConocoPhillips and CNOOC reached a preliminary agreement to pay the compensation through the Qinhuangdao city government in the northern province of Hebei, Reuters quoted state-owned China National Radio saying.
The spill at the Penglai 19-3 oilfield last year resulted in the release of about 700 barrels of oil and the State Oceanic Administration said it polluted more than 840 square kilometres of water.
ConocoPhillips owns a 49% operated stake in the field, while state-owned CNOOC has a 51% stake.
ConocoPhillips and CNOOC reached a settlement with the Chinese government in January to pay 1 billion yuan as compensation, and also to designate 100 million yuan of its previously announced environmental fund to be used to improve fishery resources in the region.
Along with the rapid development of China's energy industry, China Oil & Gas Pipeline network is experiencing unprecedented great structure, large-scale construction and giant leap. Read More >
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