Orders of China offshore oil risks review after spill (AP)

SHANGHAI - China Ocean administration ordered oil companies offshore well to assess the risk of accidents after two oil spills off its coast to is in a field operated by ConocoPhillips U.S. energy giant.

The Oceanic Administration issued a notice Friday saying producers of oil in the offshore must thoroughly investigate the risks, to review their emergency planning and also to re-evaluate the environmental impact of their operations.

Offshore operators should learn from the accident and thorough and deeply investigate the risk of spillage of oil and correct, "he says.

Oil spill, which covered 840 square kilometres (324 square miles) in the field of oil Penglai 19-3 in the Bohai Bay, drew criticism from environmentalists and local media on the potential for damage to the environment and the apparent delays is advising the public.

But China ConocoPhillips, which operates seven production platforms in the region of Penglai of Bohai, defended its response, saying: he responded quickly to these two leaks and informed the authorities the day, they were found.

Earlier this week, ConocoPhillips, based in Houston and its Chinese partner in the field, state-owned CNOOC Ltd., said two leaks ceased and cleaning work was almost finished.

The deadline to announce the details of the first flight, which was noted on June 4, was due in part to the difficulty of tracing the infiltration of natural fault, they said, noting that these leaks are rare and that he had not seen front of Bohai.

The Oceanic Administration ordered operators of offshore platform for assessing the risk of injection water in oil fields. The leaks last month took place during these works were underway.

ConocoPhillips said that it had suspended an injection of drilling and water until it completes its investigation and would change its operating practices to prevent the resurgence of a problem.

The State Oceanic Administration said 3,000-metre (3,300 yards) sea booms and other devices have been deployed to help clean up the spill.

The oil field of Penglai 19-3, more large field off the coast of China, has been developed jointly by ConocoPhillips China and CNOOC Ltd. U.S. partner has 49% of the field and its operator, while the Chinese partner has 51 percent.

The spill has raised concerns over the potential impact long term for the fisheries industry active in the region.

Buffett sees the risks to the debt ceiling hike (AP)

OMAHA, Neb. — billionaire investor Warren Buffett said that Thursday Congress plays a dangerous game in not raising the ceiling of the U.S. debt.

The CEO and President of the conglomerate Berkshire Hathaway Inc. said on television network cable CNBC, that there is no way of telling what might happen if the debt limit is not increased, but it is a dangerous idea.

Buffett has compared the debate more to raise the debt limit to a game of "Russian Roulette" with a bullet in a gun.

He said denying five times six to raise the debt limit could not be dangerous, but the sixth time could have catastrophic consequences.

He said: "You are playing with fire when you play with fire". Buffett was in Sun Valley, Idaho, participating at the annual conference organized by the banker Allen & Co. which attracts Wall Street and media bosses.

Congressional leaders of both political parties are scheduled to visit Thursday White House to talk about reducing the deficit, so a deal can be made to increase the debt limit and to avoid a first failure on U.S. financial commitments.

Buffett said that Congress raises the ceiling for debt seven times during the administration of President George w. Bush, so it would be foolish not to do so now. If America is running against its debt ceiling, buffet, said the approximately 4 billion the Government spends every day will be missed.

"We must tell the rest of the world that anytime the Congress people begin to throw a tantrum that we are not going to pay our bills," said Buffett.

Leader of the Berkshire Hathaway said he believes that the global economy continued to improve slowly since the fall of 2009, based on the reports it receives all of the subsidiaries of the company based in Omaha.

"Business has been more consistently in almost all areas except construction," said Buffett.

But Buffett said of recent to avoid default Greece efforts have not resolved the financial problems of Europe. He said, it is clear that Europe has still persistent problems because the bonds issued by the 17 countries that use the euro offer significantly different yields.

"The situation Greek and the European situation is not resolved," said Buffett. "They have real problems in Europe." That does not mean that they cannot overcome them. »

He said there are a lot of work to do to save the euro because the two countries are dragging down the rest of Europe.

Berkshire has approximately 80 subsidiaries, including the railroad, clothing, furniture and jewelry business, but his insurance and utility companies typically represent more than half the net income of the company. It also has major investments in companies such as Coca-Cola Co. and Wells Fargo & Co.

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