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CNOOC LTD (0883)

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15h ago CNOOC : A New Deepwater Gas Discovery in Gabon
16h ago Tongfang to Spend CNY1bn on 50% of AEGON-CNOOC
18h agoDJRoyal Dutch Shell Announces Gabon Deep-Water Gas Discovery
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Cnooc, ConocoPhillips Paid $266 Million Compensation After Penglai 19-3 Oil Spill

04/27/2012 | 06:37am US/Eastern

Cnooc Ltd. (CEO), China's largest offshore oil producer, and joint-venture partner ConocoPhillips (COP) paid a total of CNY1.683 billion (US$266 million) to compensate for losses related to last year's oil spill at the Penglai 19-3 field in Bohai Bay, Cnooc said Friday.

The Chinese unit of ConocoPhillips contributed the bulk of the funds, which amounted to CNY1.09 billion, to compensate for the damage to marine ecology.

Cnooc and ConocoPhillips also contributed CNY480 million and CNY113 million, respectively, as part of social and environmental responsibilities to Bohai Bay.

-By Wayne Ma, Dow Jones Newswires; +86 10 8400 7714; wayne.ma@dowjones.com

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