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Oil & Gas

PTTEP agrees $127m Montara oil spill settlement

Thailand’s PTT Exploration & Production (PTTEP) has concluded an out of court settlement with Indonesian seaweed farmers after agreeing to pay A$192.5 million (US$127.4 million) in compensation for the oil spill that resulted from the 2009 Montara blowout offshore Australia.

The oil spill started on August 21, 2009, following an explosion and uncontrollable oil spill in the Timor Sea, off the northern coast of Western Australia, that lasted 74 days, until a relief well was drilled that stopped the leak. PTTEP operated the Montara field in Australian waters at the time of the accident, which occurred 250 kms southeast of Indonesia’s Rote Island and reportedly affected thousands of Indonesian seaweed farmers.

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Last year an Australian court ruled in favour of the Indonesian seaweed farmers whose livelihoods were affected by the oil spill. But PTTEP appealed against the ruling.

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Montara is now operated by Singapore-based Jadestone Energy, after it acquired the Montara asset from PTTEP in 2018.

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