ConocoPhillips provided further details Wednesday about the compensation and environmental funds that have been established in response to two separate accidents in Bohai Bay, China.
The funds, first announced in September, recognize the company's responsibility for the accidents and demonstrate its commitment to the people and government of China.
"ConocoPhillips takes responsibility for the two incidents in June," said Jim Mulva, ConocoPhillips chairman and chief executive officer. "These funds can help address the challenges of those who have been affected and promote the environmental sustainability of Bohai Bay."
Since ConocoPhillips announced the Bohai Bay Compensation Fund on September 6 and an environmental fund on September 18, the company has worked to design both funds to meet the long-term needs of communities in the Bohai Bay region.
The Bohai Bay Compensation Fund will provide reasonable compensation for any damages caused by the June 2011 accidents that occurred at the Peng Lai 19-3 field in Bohai Bay. The fund will be independently administered and will provide compensation to affected people, communities and industries near Bohai Bay.
The separate environmental fund will support research, restoration and other initiatives that enhance the marine environment and bring long-term benefit to the bay environment and its nearby communities. The environmental fund could support projects such as wetlands preservation, water quality improvement, fishery resources, marine ecosystems and risk management. ConocoPhillips is identifying leading independent experts who will provide guidance for the selection process and subsequent monitoring of the projects.
The Bohai Bay Compensation Fund and the environmental fund will function in accordance with applicable laws and regulations of the People's Republic of China and international standards. Periodic updates on the progress of the Bohai Bay Compensation Fund and environmental fund will be provided.
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