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New Oil Leaks Seen in China's Bohai Bay

NEW YORK ( TheStreet) -- Chinese investigators are suggesting that the local unit of ConocoPhillips (COP - Get Report) still hasn't properly sealed all oil leaks coming from its offshore wells in China's Bohai Bay.

Xinhua News Agency reported that China's State Oceanic Administration (SOA) says a team of investigators have found oil slicks near one of the company's offshore drilling platforms and new oil surfacing at the Bohai Bay in northern China every minute.

The SOA is urging ConocoPhillips China to use "all possible measures" to prevent further environment damage in the area, according to Xinhua.

The report also says that compensation procedures related to the environmental damage caused by the spills before Sept. 1 are in progress.

Another lawsuit will be filed against ConocoPhillips China for damages rendered after that day.

Earlier this month, ConocoPhillips formally apologized to Chinese regulators for the oil spill and said that it would create a fund to help handle the clean-up costs.

The Peng Lai 19-3 oil field in Bohai Bay, where the spills have been occurring, is operated by ConocoPhillips China and 51%-controlled by Chinese state oil company Cnooc (CEO).

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here: Andrea Tse.
Copyright 2011 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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