China's State Oceanic Administration (SOA) has faulted ConocoPhillips, the third-largest U.S. oil company, for not moving quickly enough to stop a pair of oil leaks that started last month in China's Northeast coast. Last week, the U.S. oil giant said the amount of crude that leaked into Chinese waters may be larger than previously estimated.
Texas-based ConocoPhillips (COP) has come under fire from Chinese authorities for the leak, which was originally believed to have resulted in 1,500 barrels of oil seeping into Chinese waters. Chinese environmental groups have claimed neither the companies involved nor the government have been transparent regarding the spill's full damages.
Cnooc (CEO), China's largest offshore oil exploration firm and the country's third-largest oil company overall, was Conoco's partner on the project. The two companies pumped an average of 56,000 barrels per day at the Penglai 19-3 field last year.
ConocoPhillips closed drilling platforms B and C as requested, but it has made slow progress on the SOA's requirements to fully investigate risky spots for oil leaks and to fully block sources of leaks, Dow Jones reported, citing the SOA. Both platforms were believed to still be leaking oil as of Friday.