ConocoPhillips Resumes Some China Operations

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ConocoPhillips, the third-largest U.S. oil company, has resumed some operations at China's Bohai Bay following leaks from two of its platforms there in late June. Chinese authorities, which have not been shy about condemning the U.S. company, say the leaks have affected 840 square kilometers of Chinese waters.

Texas-based ConocoPhillips (COP) was forced to halt production in the area after Chinese regulators said the company was slow to respond to the spills. The company said the lost production was equivalent to 17,000 barrels of oil per day.

China's State Oceanic Administration (SOA) met with executives from the U.S. company earlier this week and urged the company to have the leaks cleaned up by the end of this month, Reuters reported. Without mentioning specifics, SOA threatened tighter regulations for ConocoPhillips should the spills not be cleaned up by the deadline.

The project Penglai 19-3 oilfield, China's biggest offshore oil field, is majority owned by Cnooc (COP), China's largest offshore oil exploration and third-largest oil company overall. ConocoPhillips has a 49% stake in the project.

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