The purpose of this paper is to present asymptotically stable open boundary conditions for the numerical approximation of the compressible Navier-Stokes equations in three spatial dimensions. The treatment uses the conservation form of the Navier-Stokes equations and utilizes linearization and localization at the boundaries based on these variables. The proposed boundary conditions are applied through a penalty procedure, thus ensuring correct behavior of the scheme as the Reynolds number tends to infinity. The versatility of this method is demonstrated for the problem of a compressible now past a circular cylinder.