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Conoco, Cnooc Parent Reach $160 Million Oil Spill Settlement [China]

ConocoPhillips and China National Offshore Oil Corp. will pay…$160 million to compensate Chinese fishermen for losses arising from oil leaks…The companies reached an agreement with the agriculture ministry to pay 1 billion yuan, Conoco...said...That’s more than four times the 234 million yuan ($37 million) 29 fishermen had sought in a lawsuit for the loss of clams and sea cucumbers resulting from spills...In a sign that China is cracking down on polluters, Premier Wen Jiabao demanded a “thorough” investigation…after China’s maritime regulator ordered Conoco…to shut the field…[but] it’s a “drop in the bucket” for Conoco...The compensation surpasses the 3.26 million yuan a unit of Zijin Mining Group...agreed to pay last year after the collapse of a tailing dam at a tin mine in 2010 killed 22 people...The payments contrast with the $20 billion fund…demanded from BP...to compensate victims of the worst U.S. oil spill…[also refers to PetroChina]

Part of the following stories

ConocoPhillips lawsuit (re oil spill in China, filed in China)

ConocoPhillips lawsuit (re oil spill in China, filed in USA)