PTTEP Agree to Pay US$129 Mln Compensation for 2009 Montara Oil Spill

Summary

Thailand's national upstream company PTTEP has reached an out-of-court settlement with Indonesian seaweed farmers, agreeing to pay US$129 million in compensation for the oil spill that followed the 2009 Montara blowout offshore Australia.

Montara operator reached an in-principle agreement with the group of Indonesian seaweed farmers that it would pay A$192.5 million (approximately US$129 million) in full and final settlement of the class action, including its appeal costs.

"PTTEPA emphasized that the in-principle settlement was made on a no admission of liability basis and is subject to court approval. Further details of the in-principle settlement cannot be published at this stage," the company said, as quoted by upstreamonline.com.

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