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China moves a step closer to allowing ConocoPhillips (COP) to fully resume crude oil production...

China moves a step closer to allowing ConocoPhillips (COP) to fully resume crude oil production in its waters after sanctioning the company over a 2011 oil spill, as the government's top economic planning agency approves a revised overall development plan for the Penglai 19-3 oilfield in Bohai Bay. COP owns a 49% stake in the 168K bbl/day field and acts as operator, while Cnooc (CEO) has 51%.
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