good new to CEO

ConocoPhillips sets $1.8 bln for China project
Mon Dec 13, 2004 03:02 PM ET
NEW YORK, Dec 13 (Reuters) - No. 3 U.S. oil company ConocoPhillips (COP.N: Quote, Profile, Research) on Monday said it approved pumping in about $1.8 billion in cash over several years to develop an oilfield in China's Bohai Bay.

The development phase, or the second phase, will build on the results from drilling and production in the first phase of the project.

ConocoPhillips, which signed a deal with Chinese oil producer CNOOC (0883.HK: Quote, Profile, Research) in 1994 for the rights to explore a 1.6 million-acre area in the Bohai Bay, said the Peng Lai field is already producing about 20,000 barrels of oil per day.

Final go-ahead for the project is subject to approval by the overall development plan by the Chinese National Development and Reform Commission, ConocoPhillips said.