Montara blaze cost PTTEP 11.4bn THB loss

BANGKOK, 29 January 2010 (NNT) – The blaze incident at one of PTTEP’s oil rigs in the Timor Sea early November last year cost the company over 11.4 billion THB in losses according to the results of a probe.

Executive Vice President of PTTEP Plc, Mr Chatchawal Eimsiri, revealed that the 11.4-billion-THB damage caused by the fire was partially compensated by the 8.5-billion-THB insurance indemnity from the total amount of 11.5 billion THB coverage. The firm will take responsibility for the remaining 3 billion THB.

Mr Chatchawal admitted that the net profit as of 2009 plunged mainly as a consequence of the Montara accident.

The 3-day fire occurred at the beginning of November last year on PTTEP’s Montara wellhead in Australia with no reports of injuries or casualties.