Conoco Starts New Bohai Fund

摘要

ConocoPhillips said on Sunday it has setup a second fund to deal with “environmen-tal issues” caused by recent oil leaks from itsPeng Lai 19-3 field in Bohai Bay offshore Chi-na. This will be separate from the first fund,announced on Sep. 6, which was establishedto pay damages (IOD Sep.8’11).Conoco didnot disclose the size of either fund.Beijing ordered Conoco to shut the 122,000b/d field earlier this month after oil was noticed seeping from the seabed in June. The USfirm said the leaks occurred on Jun. 4 and Jun.17, and resulted in the release of 700 bbl of oilinto Bohai Bay and 2,500 bbl of “mineral oil-based drilling mud” onto the sea floor.