CNOOC Gets Nod to Restart Oilfield

CNOOC Ltd, China's biggest offshore oil and gas producer, has received an initial approval to restart its largest offshore oilfield, which was shut in 2011 after an oil leak.
 
The National Development and Reform Commission approved the development plan for Penglai 19-3 last month, the National Energy Administration said yesterday on its website.
 
CNOOC was ordered to shut the Penglai field in September 2011 after drilling activity leaked at least 3,200 barrels of oil and fluids into north China's Bohai Bay. CNOOC and its partner ConocoPhillips have since cleaned up the spill and agreed to pay US$160 million in damages to Chinese fishermen for losses.
 
Penglai 19-3 produced 62,000 barrels of oil a day before it was closed.