(EnergyAsia, February 10 2012, Friday) --- Following their respective roles in an oil spill off the coast of northern China, China’s CNOOC Limited said it is establishing a foundation to protect the marine environment and ecology while US oil company ConocoPhillips has set up a RMB1-billion fund to compensate the fishing industry for loss of livelihood.

CNOOC Ltd said its parent company, China National Offshore Oil Corporation (CNOOC), has applied to the Chinese Ministry of Civil Affairs to establish the CNOOC Marine Environmental and Ecological Protection Public Welfare Foundation which was launched with an initial capital of RMB500 million.

Separately, CNOOC Ltd, said it, the Ministry of Agriculture and the US company have agreed that operator ConocoPhillips China Inc will put up RMB 1 billion to settle claims from losses pertaining to marine products cultivation and fishing in offshore areas in Hebei and Liaoning provinces affected by the spill from the Peng Lai 19-3 field. (US$1=RMB6.3).

In addition, ConocoPhillips China and CNOOC will designate a portion from their respective marine environmental and ecological protection funds for natural fishery resources restoration and preservation, fishery resources environmental monitoring and assessment, as well as related scientific research work. ConocoPhillips will contribute RMB100 million while CNOOC will contribute RMB 250 million.

Li, Fanrong, CNOOC Ltd’s CEO, said that as a company active in offshore oil and gas exploration, development and production, it has to take its responsibilities for marine protection seriously.

“The oil spill incident has reminded us that safety and environmental protection risk always exists. Society should care about marine environmental protection and ecological restoration,” he said.