ConocoPhillips submits plans for Bohai Bay drilling

Crude-oil producer ConocoPhillips (COP.NYSE) has edged closer to fully resuming production in China following its oil spill in 2011, The Wall Street Journal reported. China’s National Energy Administration approved a revised development plan for two oil fields, Penglai 19-3 and Penglai 25-6, in Bohai Bai off the coast of Tianjin in December, the administration said Friday. The US company’s 19-3 field was barred from production in September 2011 after spilling 3,345 barrels of oil and oil-based drilling mud into the ocean. ConocoPhilips’ China branch runs operations in the field, although it is 51% owned by state-owned Cnooc (CEO.NYSE, 0883.HKG), China’s primary offshore-oil producer. Prior to the spill, Penglai 19-3 produced 62,000 barrels a day. Operations have gradually resumed, with output rising throughout 2012 to reached 45,000 barrels a day. ConocoPhillips had to submit a revised plan in November 2011 following the spill.