OREANDA-NEWS. February 06, 2012. China National Offshore Oil Corporation ('CNOOC') announced that its parent China National Offshore Oil Corporation ('China CNOOC') has been with the Ministry of Agriculture, ConocoPhillips Oil China Limited ('ConocoPhillips') to solve the Penglai 19-3 oil field oil spill damages and compensation fisheries agreement.

Under this agreement, ConocoPhillips invested 10 billion yuan, used to solve Hebei, Liaoning Province, part of the county and the Bohai Sea natural biological farming fishery resources damages and compensation, ConocoPhillips and its commitment to the China Sea oil from the ocean start environmental and ecological protection fund, shall be allocated 100 million yuan, respectively, and 2.5 million yuan for the repair and conservation of natural fishery resources, fishery resources, environmental investigation and scientific research, monitoring and evaluation work.

CNOOC said that as non-operators, will continue to support and assist the operator ConocoPhillips, the follow-up to handle the disposal of oil spill incidents.

China CNOOC said the company as a responsible country, China's CNOOC has been actively urging the operator to take practical measures to make Penglai 19-3 oil field damage caused by the accident as soon as possible through the effective way to get reasonable compensation and compensation in government-related departments under the coordination of the way through consultation, better and faster to meet the reasonable demands of the injured party(http://www.agile-news.com/).

Next, the China Sea oil will continue to take a proactive approach, urging operators, according to the agreement to implement fisheries damages and compensation funds and environmental funds. China CNOOC is building through the marine environment and ecological protection of the Community Foundation, in fisheries resource conservation activities.

It is reported that China Sea oil in the December 29, 2011 formally submitted to the Ministry of Civil Affairs set up the 'China Sea oil marine environment and ecological protection Community Foundation,' the application for registration. The Foundation is a non-public fund, the China Sea oil as a public fund will sponsor the Chinese-owned CNOOC China National Offshore Oil Co., 500 million yuan as the first phase of donor funds in the future the main source of public funds in China, CNOOC to raise their units, voluntary contributions are also welcome partners and carry out activities related to public.