CNOOC Willing To Set Up Marine Environmental Fund With ConocoPhillips

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 Wayne Ma, Dow Jones Newswires