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Showing posts with label Bohai. Show all posts
Showing posts with label Bohai. Show all posts

Wednesday, September 7, 2011

ConocoPhillips To Establish Bohai Bay Fund

- ConocoPhillips To Establish Bohai Bay Fund



Sep 7, 2011

ConocoPhillips (NYSE:COP) announced on Wednesday that it will establish a fund related to the incidents at the Peng Lai field in Bohai Bay, China.

This fund will be designed to address ConcoPhillips' responsibilities in accordance with relevant laws of China and to benefit the general environment in Boahi Bay.

ConocoPhillips (NYSE:COP) has a potential upside of 26% based on a current price of $65.7 and an average consensus analyst price target of $82.8.

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Tuesday, September 6, 2011

ConocoPhillips Completes Shutdown of Bohai Bay Oilfield

- ConocoPhillips Completes Shutdown of Bohai Bay Oilfield



Sep 6, 2011

ConocoPhillips China (NYSE:COP) has completed the shutdown of its Bohai oilfield operations, as ordered by China marine authority.

The company says it will continue to work with CNNOC (NYSE:CEO), which holds a 51% stake of in the oil field, to develop a plan to reduce reservoir pressure to ensure the safety of the field

ConocoPhillips (NYSE:COP) has a potential upside of 24.6% based on a current price of $66.44 and an average consensus analyst price target of $82.8.

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Friday, August 19, 2011

ConocoPhillips Says Bohai Bay Cleanup Almost Complete

- ConocoPhillips Says Bohai Bay Cleanup Almost Complete



Aug 19, 2011

ConocoPhillips China (NYSE:COP) says the cleanup from the oil spills in China's Bohai Bay is nearly complete, with minimal impact to the environment.

The company said it "sincerely regrets" the incidents in Bohai Bay and "accepts its responsibilities.

ConocoPhillips (NYSE:COP) has a potential upside of 29.8% based on a current price of $63.79 and an average consensus analyst price target of $82.8.

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Thursday, August 18, 2011

ConocoPhillips China Resumes Some Production at Bohai Bay Oil Field

- ConocoPhillips China Resumes Some Production at Bohai Bay Oil Field

Thursday, August 18, 2011
Dow Jones Newswires
BEIJING
by Wayne Ma

ConocoPhillips China said Thursday that it has restarted production at 14 production and water-injection wells at its Penglai 19-3 oil field in Bohai Bay.

The company has received approval from China's State Oceanic Administration to resume production after the wells were shut on July 13 because of an oil spill, it said in a statement on its website.

"Flowing these wells reduces the overall pressure in the subsurface formation, which will assure that the seeps stop and the fault, which was previously activated, naturally seals," the company said.

ConocoPhillips expects to have the oil spill cleaned up by the end of August, it added.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Friday, August 12, 2011

CNOOC: Additional OBM Identified at Bohai Bay

- CNOOC: Additional OBM Identified at Bohai Bay

Friday, August 12, 2011
CNOOC Ltd.

CNOOC announced that, according to the latest statement by ConocoPhillips China Inc (COPC), the Operator of Penglai 19-3 oil field, more oil-based drilling mud (OBM) on the sea floor was identified. This addition brings the revised volume of OBM on the seabed to 400 cubic meters (2,500 barrels). The volume of oil released to the sea surface remains at 114 cubic meters (717 barrels). The total volume of fluids spilled from the incident amounts to 514 cubic meters (3,217 barrels) of oil and OBM and exceeds 240 cubic meters (1,500 barrels) as originally estimated by the Operator.

After the incident occurred, COPC has deployed substantial resources for oil recovery and cleanup work. According to COPC, its response personnel has recovered 269 cubic meters (1,700 barrels) of OBM from the seabed near the Penglai 19-3 C platform, and approximately 70 cubic meters (440 barrels) of oil/water mix from the sea surface to date.

As the non-operator, the Company has also fully utilized its resources and personnel to assist COPC on shoreline protection activities with 111 people walking approximately 3,289 kilometers of shoreline and 19 vehicles patrolled approximately 48,645 kilometers of shoreline along the Bohai Bay area by August 11.

In order to meet the requirements set by the State Oceanic Administration, the Company will continue to urge and assist COPC to stop the leaks and complete the cleanup work by the end of August, so as to minimize the impact of the oil spill incident on the marine environment.

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Wednesday, July 13, 2011

ConocoPhillips Updates Bohai Bay Cleanup

- ConocoPhillips Updates Bohai Bay Cleanup

Wednesday, July 13, 2011
ConocoPhillips

ConocoPhillips provided additional information in regards to the oil spill incidents that occurred in Bohai Bay, People's Republic of China on June 4th and June 17th 2011, and the ongoing clean up and containment program that is underway.

On June 4 seepage on the seabed was observed along a naturally occurring fault near the ConocoPhillips-operated Peng Lai B Platform. The majority of seepage has been stopped following prudent adjustment of certain production activities. A containment device was designed and constructed and put in place as a precaution should the seep occur from the main source again. Trace amounts of oil, estimated to be no more than liters per day, continue to seep out intermittently near the original seep location and occasionally cause minor surface sheens. Booms are deployed around the immediate surface area and are containing and collecting any such oil.

In a second incident, oil and gas bubbles were observed on the surface June 17 near another platform (C Platform) during drilling operations. The platform is about two miles away from the seabed seep near Platform B. Expert teams were immediately mobilized to contain the release. A cementing procedure successfully stopped the release within 48 hours, and the well was stabilized, plugged and abandoned. Trace amounts of bubbles are occasionally observed from the sea floor, and these bubbles continue to be monitored. Absorbent boom is in place in appropriate locations. Final clean up operations are ongoing.

ConocoPhillips responded quickly to both events and mobilized extensive clean-up equipment, facilities and personnel, including substantial resources made available by our co-venturer China National Offshore Oil Corporation ("CNOOC"). Relevant authorities were promptly notified, along with CNOOC. Almost 3,000 meters of absorbent and inflatable booms were deployed to contain the oil sheen, and 33 vessels (workboats, fishing boats and tugs) supported clean-up activities. ConocoPhillips is appreciative of the support provided by CNOOC during the containment and cleanup effort and to the State Oceanic Administration (“SOA”) for their guidance during these unfortunate events.

ConocoPhillips' current estimates of the aggregate amount of fluid spilled from the two incidents ranges from between 1,500 barrels (240 cubic meters) to 2,000 barrels (320 cubic meters) of oil and oil-based drilling fluids. The company is working with independent experts to validate the total spill quantity. During these incidents, no oil sheen reached the shoreline, and there were no injuries to personnel.

On July 13th, the SOA instructed ConocoPhillips to suspend production from Platforms B and C, and this order was complied with immediately. This shut in will result in a temporary reduction of approximately 17,000 barrels of oil per day net after royalties to ConocoPhillips. According to the SOA order, this temporary shut in will be in effect until the risks of another spill are eliminated. While the detailed causes of these incidents are still under investigation, ConocoPhillips will continue to work diligently and safely to finalize clean up activities and will be implementing additional reservoir management and field operating procedures to eliminate risks of additional releases.

ConocoPhillips will work closely with SOA and CNOOC to minimize the impact to the environment. Working safely and in an environmentally prudent manner is always the top priority to ConocoPhillips.

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Friday, April 22, 2011

CNOOC: FPSO Malfunction Halts Oilfields in Bohai Bay

CNOOC: FPSO Malfunction Halts Oilfields in Bohai Bay

Friday, April 22, 2011
CNOOC Ltd.

CNOOC announced that a malfunction occurred on the single point mooring system of the Floating, Production, Storage and Offloading (FPSO) vessel Haiyangshiyou 102 serving in the Bohai Bay due to rough sea conditions. Operations were immediately shut down at the affected oilfields.

Till now, the Haiyangshiyou 102 FPSO has been safely secured and tugged to safe area. There were no injuries during the process and no oil spill was found. The Company is actively working on the recovery plan to resume production as early as possible.

The oilfields affected this time include Bozhong (BZ) 28-2 S, BZ 28-2 SN, BZ 34-1N and BZ 29-4. All of these four fields are owned and operated by the Company. The total production capacity was approximately 39,000 barrels per day.

The Company maintains appropriate insurance coverage of the operations related to the oilfields.