ConocoPhillips and CNOOC Reach Agreement with the State Oceanic Administration
As announced by the Chinese State Oceanic Administration (SOA) on
Friday, April 27, ConocoPhillips [NYSE:COP] through its affiliate
ConocoPhillips China Inc. (COPC) and the China National Offshore Oil
Corp. (CNOOC) have reached an agreement with the SOA related to the June
2011 incidents at the Peng Lai 19-3 Field. This agreement resolves all
pending governmental claims.
Under the agreement, COPC will pay $173 million to the SOA over the next
two years and will also contribute $18 million by December 2014 toward
social projects benefiting Bohai Bay. The agreement also provides that
CNOOC will contribute $76 million toward such projects. The initial
programs will focus on improving marine environment protection and
reducing pollutants in the bay.
COPC continues to work closely ?with CNOOC to meet the requirements of
relevant government agencies to ?permit the field to return to normal
operations.
ConocoPhillips is one of the largest foreign investors in China′s energy
sector, and looks forward to continued operations in China. For more on
the incidents, response and clean-up, go to www.conocophillips.com.cn.
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ConocoPhillips
Aftab Ahmed, 281-293-4138 (media)
aftab.ahmed@conocophillips.com
Vladimir
dela Cruz, 212-207-1996 (investors)
v.r.delacruz@conocophillips.com
