ConocoPhillips is the world's largest independent E&P company based on production and proved reverses. Headquartered in Houston, Texas, ConocoPhillips has operations and activities in 21 countries, $20 billion in annualized revenue, $100 billion of total assets, and approximately 15,600 employees as of March 31, 2016. ConocoPhillips China Inc. (COPC) is a wholly-owned subsidiary of ConocoPhillips undertaking oil and gas exploration and production operations in China through cooperation with Chinese and international partners. At present, COPC has offices in Beijing and Tanggu.
In Bohai Bay, ConocoPhillips is jointly developing one of China's largest offshore oilfields, the Peng Lai 19-3 field, as well as the nearby Peng Lai 19-9 and Peng Lai 25-6 fields in Block 11/05 with our co-venturer, CNOOC. Under the terms of the production sharing contract (PSC), operatorship of the Penglai fields transferred to CNOOC on July 1, 2014; however, ConocoPhillips continues to maintain its interest as a non-operator. In the South China Sea, Xijiang 24-3 was COPC’s first offshore China field to go into production in 1994. A year later, the second Xijiang field (30-2) came on stream. In 1997, COPC developed a satellite of the 24-3 field (24-1) using extended-reach drilling technology and setting several world drilling records in the process. In 2010, ConocoPhillips’ ownership rights in the Xijiang fields ended. With the acquisition of Burlington Resources on March 31, 2006, COPC expanded its portfolio to include ownership in Block 15-34 in the South China Sea. This block contains three oil fields – Panyu 4-2, Panyu 5-1 and Panyu 11-6 – and is operated by CNOOC Ltd.
ConocoPhillips also collaborates with Chinese oil companies globally. In Queensland, Australia, ConocoPhillips, Sinopec and Origin Energy are jointly developing the $20 billion-plus APLNG project that is expected to provide 7.6 million tons of LNG annually to China.
ConocoPhillips is committed to supporting the communities in which it operates through educational support, environmental protection, and employee and family safety initiatives. Philanthropic initiatives include:
- The Light & Love School in Beijing to support underprivileged children with basic education needs
- The Love and Hope Project in the Tianjin area to support underprivileged children with congenital heart disease
- The HeartLink Project in Sichuan Chengdu to promote sustainable cardiac care for children with congenital heart disease and to support financial needs of patients in poverty
- Sponsorship of the Badaling International Friendship Forest near the Badaling Great Wall
- The China Environmental Stewardship Award to offer financial assistance for promising Chinese graduate students and their academic advisors in a combination of degree study and research related to environment
- The Clear Water Education Project and the Migrant Children Environmental education project to raise awareness of the importance of protecting China's wetlands and to promote environmental protection
- COPC also provides support to the communities that are impacted by natural disasters, including Wenchuan and Ya'an in Sichuan that were badly struck by earthquakes
In 2012, COPC independently supported several Bohai Environmental Initiatives, including conservation for the crane flyway from the Hulunbeier steppe to Bohai Sea, and the By-Product Synergy (BPS) Initiative. COPC also paid approximately USD 16 million (RMB 100 million) to MOA to improve fishery resources and the marine fishery environment in the Bohai Bay, and designated approximately USD 18 million (RMB 113 million ) to SOA , supporting environmental initiatives in Bohai Bay focused on improving marine ecological protection, reducing pollutants and studying long-term ecological effects in the Bay.
In 2003, COPC was nominated for the U.S. Secretary of State’s Award for Corporate Excellence. In 2004, COPC received the first Guang Ming Daily Corporate Social Responsibility (CSR) Top 10 Company Award. In October 2008, ConocoPhillips China received the Vanguard for Chinese People’s Livelihood 2008 Award by the China Foundation for Poverty Alleviation and China Fortune Magazine for its excellence in demonstrating social responsibility and contributions. In 2013, COPC was listed on the Top 25 Most Responsible Companies in China by Fortune (China) Magazine. In 2015, COPC was awarded by China Social Welfare Foundation.