ConocoPhillips and CNOOC Reach Agreement with the State Oceanic
HOUSTON -- April 30, 2012
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 closelywith CNOOC to meet the requirements of relevant
government agencies topermit 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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Aftab Ahmed, 281-293-4138 (media)
Vladimir dela Cruz, 212-207-1996 (investors)
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