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CNOOC Announces Agreement Reached for Fishery Compensation Related to PL 19-3 Oil Spill Incident

CNOOC Limited (NYSE: CEO) said yesterday that its parent company, China National Offshore Oil Corporation, has reached an agreement with China's Ministry of Agriculture and ConocoPhillips China Inc. to resolve fishery compensation issues for Peng Lai 19-3 oil spill incident.

Under this agreement, COPC will put up RMB 1 billion to settle claims of losses related to marine products cultivation and natural fishery resources in the affected areas of the Hebei and Liaoning provinces. COPC and CNOOC will also designate a portion from their committed marine environmental and ecological protection funds, which are RMB 100 million and RMB 250 million, respectively, to be used for natural fishery resources restoration and preservation, fishery resources environmental monitoring and assessment, as well as related scientific research work.

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