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ConocoPhillips (COP) will gradually restart China's biggest offshore oilfield, Penglai 19-3,...

ConocoPhillips (COP) will gradually restart China's biggest offshore oilfield, Penglai 19-3, after receiving approval for a development plan and an analysis of its environmental effect. The 168K bpd field, in which ConocoPhillips owns 49% and CNOOC 51%, has been shut since September 2011 following an oil spill.
Comments (7)
  • Michael Fitzsimmons
    , contributor
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    Good Action!! Get 'er done boys!
    17 Feb 2013, 07:11 PM Reply Like
  • Casey Hoerth
    , contributor
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    We'll see. Chinese government owned companies are untrustworthy at best... I hope it goes well.
    18 Feb 2013, 09:12 AM Reply Like
  • Veritas1010
    , contributor
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    I really wonder how China plays with a COP investment strategy that is more domestically focused and 'security based'. The People's paradise is not a safe and equitable place to own 49% of anything. While I understand the Asian market imperative, I wonder how this truly fits in a long term strategy that COP has articulated and in action has moved toward.
    18 Feb 2013, 10:14 AM Reply Like
  • Michael Fitzsimmons
    , contributor
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    Well guys, 49% of 168k barrels/day is 82,320 barrels. That's not much less than COP's Q4 Eagle Ford production - and it's sold at Brent prices. Penglai was big bucks for COP before the spill, and it is going to be big bucks for COP after the spill. You don't sell 82,320 barrels/day of Brent when you are the operator. At least imho.
    18 Feb 2013, 01:23 PM Reply Like
  • Veritas1010
    , contributor
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    Thank you Michael. The selling at Brent prices brought clarity to my lapse.
    19 Feb 2013, 01:42 PM Reply Like
  • Sunshine123
    , contributor
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    Hurrah for ConocoPhilips. China is a great play.
    19 Feb 2013, 11:50 AM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (7931) | Send Message
     
    Cha-ching! (pun intended....)
    19 Feb 2013, 04:47 PM Reply Like
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