September 5 -- China National Offshore Oil Corporation (CNOOC) said ConocoPhillips was directed to revise its exploration plan for the Penglai 19-3 Oilfield, and that it will jointly set up an environmental protection fund, reports Beijing Times.

The State Oceanic Administration (SOA) said ConocoPhillips did not thoroughly seal off the sources of the oil spill.

According to the SOA, the oil spill was caused by improper action by ConocoPhillips’ employees.

Shares of CNOOC (RCode:0883:) were down 7.57 percent to trade at HK$14.04 per share at 11:03 today.

Source:CapitalVue