ConocoPhillips [NYSE:COP] today announced they and the China National Offshore Oil Corp. (CNOOC) have reached an agreement with China’s Ministry of Agriculture to resolve issues related to the June 2011 incidents at the Peng Lai 19-3 field in Bohai Bay. Under this agreement, RMB 1 billion (approximately $160 million) will be paid as compensation to settle public and private claims of potentially affected fishermen in relevant Bohai Bay communities. The agreement fulfills the objectives of the compensation fund announced in September 2011 by ConocoPhillips.

ConocoPhillips will also designate a portion, RMB 100 million (approximately $16 million), of the company’s previously announced environmental fund to be used to improve fishery resources. ConocoPhillips is committed to delivering on environmental stewardship as a responsible corporate citizen in China and around the world.