ConocoPhillips to pay $158 million damages for oil spill

BEIJING - Energy giant ConocoPhillips said on Tuesday that it would pay 1 billion yuan ($158 million) to settle compensation claims arising from the oil leaks from its Penglai 19-3 oilfield in Bohai Bay in June 2011.

ConocoPhillips, China National Offshore Oil Corp (CNOOC), the Ministry of Agriculture and the governments of Hebei and Liaoning, the two provinces most affected by the environmental disaster, have reached an agreement on the compensation claims, the ministry's website said.

ConocoPhillips and the CNOOC will also pay 100 million yuan and 250 million yuan to restore the marine, especially fishing, environment in the Bohai Bay and monitor the situation, the ministry said.