ConocoPhillips Raises China Spill Estimate

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ConocoPhillips, the third-largest U.S. oil company, raised its estimate for the amount of oil leaked from two of its platforms in the North China Sea, saying on Friday 2,500 barrels of oil and mud spilled from the platforms during two leaks in late June. That is above the previous estimate of 1,500 barrels.

Earlier this week, Texas-based ConocoPhillips (COP) said it would likely be forced to raise the spill estimate. A recent survey at the C platform of Penglai 19-3 oil field identified more oil-based drilling mud on the sea floor than originally estimated, Reuters reported.

ConocoPhillips, which has come under fire from Chinese regulators for what the regulators view as a slow response time to cleanup the leaks, said it expects its cleanup efforts to be complete by the end of this month. Shutting down the two platforms will result in lost output of 17,000 barrels per day.

Cnooc (CEO), China's largest offshore oil exploration firm and the country's third-largest oil company overall, is Conoco's partner on the project.

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