BEIJING - ConocoPhillips China, the operator of the Penglai 19-3 oilfield in the Bohai Bay, said on Wednesday that it is finalizing a revised environmental-impact assessment and will soon submit it to the maritime authorities.

The Chinese unit of the Houston, Texas-based energy giant ConocoPhillips has already submitted the revised overall development plan of China's biggest offshore oilfield to the National Development and Reform Commission for approval.

In September, the State Oceanic Administration (SOA) halted operations at the oilfield after ConocoPhillips failed to seal the leaks, according to the agency. Production will not resume at least until the top authorities approve the two reports.

Don Wallette, president of ConocoPhillips' Asia Pacific region, said at a news briefing on Wednesday that the company had not yet received feedback from the Chinese government about the overall development plan. He said the company had spent more than $225 million for cleanup work.

The oil spill in June released 723 barrels of crude oil and 2,617 barrels of oily mud to the surface, together polluting 6,200 square kilometers of waters, according to SOA estimates. The agency concluded in November that the incidents resulted mainly from negligence.

ConocoPhillips said on Wednesday that an environmental-impact estimate compiled by a third-party environmental-testing laboratory showed that the maximum area of potential impact to aquatic life would be no more than 600 square kilometers. Earlier this week, ConocoPhillips said that outside experts' analysis showed there would be "minimal" lasting impact to the environment.

"We will provide reasonable compensation for any damage caused by the accidents at the Penglai 19-3 field," Wallette said.

A compensation fund, which was first announced in September, will be independently administered by a third-party agency, he added, and will compensate affected people, communities and industries near Bohai Bay. The company did not release details about the fund or the timetable for its establishment.

ConocoPhillips said that claimants for compensation can choose to negotiate, file a claim with the fund or pursue other avenues.

The SOA declined to comment on ConocoPhillips news briefing on Wednesday.

Zhao Jingwei, a lawyer representing 107 fishermen from Hebei province who recently filed a lawsuit against ConocoPhillips China, seeking 490 million yuan ($77 million) in compensation, said he has no comment on the fund until ConocoPhillips releases specific information about it.

"If the fund is established, I will talk to the 107 fishermen and discuss whether they want to apply for compensation," he said.

Zhang Pengfei, a lawyer representing 63 fishermen in Changli county of Hebei province, is preparing a lawsuit, but said "we prefer to protect fishermen's rights through negotiations to reduce costs".

ConocoPhillips said it has already established an environmental fund to support a portfolio of short- and long-term projects.

"We're working to establish a panel of third-party experts from the academic world and environmental organizations," it said.

The members of the panel, which will provide advice and guidance on future project decisions, will be announced in the first quarter of next year.