$160 Million for Bohai Bay Oil Spill Settlement

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It's been more than seven months since the Bohai Bay oil spill, and the oil companies responsible have since announced compensation packages since September. Now, oil companies ConocoPhillips and China National Offshore Oil Corp, or CNOOC, have finally reached a $160 million agreement for the spills that took place back in June.

The settlement will be used to (quote) "settle public and private claims of potentially affected fishermen in relevant Bohai Bay communities." A portion will also be used to improve fishery resources.

This will likely appease the 100 Chinese fishermen who filed a lawsuit against the two oil companies last year for ruining their sea cucumber catches.

The Bohai Bay oil spills took a toll on the environment in the region. While it was much smaller in scale than the Gulf of Mexico spills in 2010, the spills received immense attention and negative public opinion.