SINGAPORE (Dow Jones)–China National Offshore Oil Corp. (CEO), also known as CNOOC, said Tuesday that it is willing to establish a marine environmental fund with ConocoPhillips (COP), to address the impact of several oil spills at Bohai Bay.
The move comes after China’s State Oceanic Administration ordered a halt to all operations last week at the Penglai 19-3 oil field, which is jointly owned by both companies.
ConocoPhillips, which operates the oil field, said last month it hadn’t been notified of any claims resulting from the spills, but would consider them as they came.
The U.S.-based oil company estimates that more than 3,200 barrels of oil and oil-based drilling fluids have been spilled at the site since early June.
By Maha El Dahan (Reuters) – Iran’s Revolutionary Guards seized an Israeli-linked cargo ship in the Strait of Hormuz on Saturday, days after Tehran said it could close the crucial...
(Bloomberg) — Constellation Oil Services Holding SA’s bondholders are reaping a windfall due to increased demand for the company’s offshore rigs from Petroleo Brasileiro SA, a sharp recovery for a...
SINGAPORE, April 11 (Reuters) – Spot marine biofuel premiums have weakened further at the world’s largest bunker hub Singapore, weighed by slow demand, market sources said this week. Premiums for the flagship...
April 11, 2024
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