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  1. 1.2b yuan payout for oil spill 'an insult'

    Posted Jan 26th 2012, 12:00am

    ... Will Clem william.clem@scmp.com State-owned oil giant CNOOC and US partner ConocoPhillips have reached a 1 billion yuan (HK$1.23 billion) compensation deal with China's Ministry ... communities', and that it 'fulfils the objectives of the compensation fund announced in September 2011'. The two companies also said 100 million yuan from Conoco and 250 million yuan from ...

  2. CNOOC cuts output target by 6.7pc

    Posted Aug 25th 2011, 12:00am

    ... Eric Ng eric.mpng@scmp.com CNOOC, China's dominant offshore oil and gas producer, cut its output target for this year by 6.7 per cent to account for a delay in the approval of a major ... spills in June. CNOOC yesterday posted a 51.4 per cent year-on-year rise in net profit for the first six months to 39.34 billion yuan (HK$48.02 billion). This is 5.2 per cent higher than the 37.4 ...

  3. Lai See

    Posted May 26th 2012, 12:00am

    ... weren't paid a salary for 2011, according to the company's annual report. They were only paid a fee of 788,000 yuan (HK$965,000). Last year executive salaries and benefits ranged from 2.6 million yuan to 807,000 yuan and they also received performance-related bonuses ranging from 2 million yuan to 576,000 yuan. One of CNOOC's significant low points last year was a huge oil ...

  4. Cnooc bullish on output target

    Posted Oct 27th 2011, 12:00am

    ... field in Bohai Bay that has been leaking. Chief financial officer Zhong Hua said the offshore oil and gas producer remained confident of producing 331 million to 341 million barrels of oil ... yuan (HK$56.6 billion). This was despite the company's oil selling price rising 50.3 per cent and oil and gas output falling 9.1 per cent to 80.9 million boe because of oil spill-related ...

  5. China's insurers see chance in trade shunned by West

    Posted Apr 19th 2012, 12:00am

    ... in the Iranian oil trade because major coverage is underwritten by Western reinsurers, experts said. Michael Frodl, of C-Level Maritime Risks, said China had 'shifted a good amount of its oil buying ... yuan (HK$213.67 billion) last year,' said an executive at one P&I Club. 'But turnover from its marine business was only 4 billion yuan last year.' To put these figures ...

  6. Talking points

    Posted Jul 05th 2011, 12:00am

    ... largest offshore oilfield, jointly owned by the China National Offshore Oil Corporation and the US company ConocoPhillips. Both companies are under fire for delaying reporting oil spills ... for their carbon emissions. Starting on January 1, the union intends to expand its emissions trading system to cover emissions from most flights that touch down in, or take off from, European airports. ...

  7. Probe on partial sinking of COSL supply ship

    Posted Jan 19th 2012, 12:00am

    ... Keith Wallis keith.wallis@scmp.com An investigation is under way after a 740 million yuan (HK$911 million) offshore supply ship being built for China Oilfield Services (COSL) by Wuchang Shipbuilding Industry partially sank at the weekend during trials. COSL, majority owned by China National Offshore Oil Corporation, told the Hong Kong and Shanghai stock exchanges late on Tuesday ...

  8. For state-owned firms, it's hear no evil, see no evil, admit no evil

    Posted Jul 10th 2011, 12:00am

    ... disgust about the system than the accidents and scandals themselves. A case in point is the recent spills at the Penglai 19-3 oilfield jointly owned by China National Offshore Oil Corp ... one-month delay in reporting the spills, and whether CNOOC, as the state-owned offshore oil monopoly, would shoulder the main responsibility. Media critics wanted CNOOC to share the responsibility ...

  9. US firm's bill for oil spill off Shandong may soar

    Posted Jul 07th 2011, 12:00am

    ... bill from the central government than the 200,000 yuan (HK$240,400) penalty announced on Tuesday, a marine environment expert says. Professor Wang Yamin, from the Marine College at Shandong ... the total economic loss,' he said. The total bill could be much higher than 200,000 yuan- the maximum penalty for sea pollution under mainland law. The State Oceanic Administration said ...

  10. Experts urge criminal suit for U.S. firm

    Posted Sep 05th 2011, 12:00am

    ... a company is found to be responsible for serious environmental damages that result in financial losses of more than 300,000 yuan (HK$365,000) in public or private assets. That is according ... for the spills in the Bohai Sea that have polluted an area of over 5,000 square kilometres with direct economic losses far exceeding the 300,000 yuan benchmark,' he said. Lawyer Zeng Xiangbin, who ...




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