ConocoPhillips announced today that it will establish a fund related to the incidents at the Peng Lai 19-3 field in Bohai Bay, China. This fund will be designed to address ConocoPhillips’ responsibilities in accordance with relevant laws of China and to benefit the general environment in Bohai Bay.
“ConocoPhillips deeply regrets these incidents and apologizes for the impact that the incidents have had on the Chinese people and the environment,” said James J. Mulva, Chairman and Chief Executive Officer, ConocoPhillips.
ConocoPhillips China will seek to work with the relevant Chinese authorities and its co-venturer in the field, China National Offshore Oil Corp., regarding the establishment and operation of the fund.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,900 employees, $160 billion of assets, and $244 billion of annualized revenues as of June 30, 2011.
Source:ConocoPhillips ,September 7, 2011;