Bohai

While oil prices are expected to stay firm until year-end, analysts were cautious about Cnooc's second-half outlook, citing the shutdown of two platforms in Bohai Bay because of oil leaks and delays in completing last November's $7.1 billion purchase of a stake in Argentina's Pan American Energy LLC from BP PLC.

Cnooc Lowers Production Target Yvonne Lee 2011

HONG KONG— Cnooc Ltd. lowered its production target for this year, citing recent oil spills in northeastern China's Bohai Bay, as the Beijing-based company posted a 51% jump first-half earnings.

Cnooc Lowers Production Target Yvonne Lee 2011

Houston-based Conoco has been heavily criticized in national state-run media since oil leaks were discovered this summer in China's Bohai Bay.

Foreign Firms Feel China's Heat Laurie Burkitt 2011

The Penglai 19-3 oil field, where the spills started in June, is in Bohai Bay, on China's eastern coast.

China Criticizes Conoco Again Wayne Ma 2011

Chief Financial Officer Zhong Hua said in a conference call that the company is confident of reaching this year's total oil and gas production target of between 331 million and 341 million barrels of oil equivalent, even though China's government ordered a production halt at the Penglai field in the northeastern Bohai Bay after the spill.

High Oil Prices Lift Cnooc Revenue 23% Chester Yung 2011

Conoco has interests in two other areas in Bohai Bay, but they are smaller.

China Puts Stop to Conoco Work James T. Areddy 2011

Conoco said some production from its Bohai Bay platform off China is still shut down despite a settlement with the Chinese government to pay damages over spills there.

Higher Oil Prices Boost Conoco's Profit by 66% Isabel Ordonez 2012

ConocoPhillips and Cnooc agreed to pay about $158 million to settle compensation claims resulting from oil spills in Bohai Bay, off northeastern China.

What's News— 2012

Suspension is a sharp rebuke of Conoco: spills were associated with only two of at least eight platforms and facilities it has in the Bohai Sea to service the field, equipment that is separated by miles of water.

China Puts Stop to Conoco Work James T. Areddy 2011

Earning were also hit by a $109 million increase in deferred tax expense from tax legislation enacted in the U.K., a loss on the sale of its Wilhelmshaven Refinery in Germany and costs related to oil spills from offshore wells operated by ConocoPhillips in China's Bohai Bay.

ConocoPhillips Profit Falls 14% on Charges Isabel Ordonez 2011