As mentioned in today's class, the June 2011 incidents in the Bohai Bay caused 3,343 barrels of oil spills near platforms operated by Conoco Phillips and owned 51% by CNOOC. This environmental disaster provoked a storm of media protests in China. Since early September, the Chinese government has ordered a complete shutdown of the field. Today, the two companies reached a settlement with China's Ministry of Agriculture, agreeing to pay 1 billion Chinese yuan (roughly $159 million) to settle compensation claims resulting from the spills. Conoco also agreed to set up an additional fund for helping promote environmental sustainability in the area, about $16 million of which will be used to improve fishery resources.
Link to full article here: http://online.wsj.com/article/SB10001424052970203718504577181743807960180.html