Funds Set Up to Help Control Bohai Bay oil spill
ConocoPhillips China together with its partner China National Offshore Oil Corp, will set up a second fund to help address environmental issues amid the continuous oil spill in Bohai Bay. An earlier fund was established that will be used as compensation for damages caused by the oil spill.
A spokesperson for ConocoPhillips said that the two funds are different from each other, since the new fund will be used for environmental issues while the other is for compensation. He also declined to comment on the amount of the funds that will be set aside by the two companies saying it is still too early to tell. The company will be working hard together with several government departments in establishing the funds so the efforts in the clean up of the oil spill will continue until it is plugged.
The spill began in the Penglai 19-3 oilfield and has spread to more than 5,500 square kilometers in Bohai Bay. Currently production in the Penglai oilfield 19-3 has been suspended until the spill is contained.