Blaze extinguished at company's rig in Timor Sea

PTTEP Australasia, a wholly owned subsidiary of PTT Exploration and Production (PTTEP), reported yesterday that the fire at the West Atlas oil rig at the Montara wellhead platform had been put out after heavy mud had been successfully injected into the leaking well.

The company is closely monitoring the situation and its experts are ready to assess the damage and make plans for future work.

PTTEP has insurance coverage of US$270 million (Bt9 billion). The company is in the process of claiming all expenses related to the incident under the terms and conditions of the policies and will realise as incomes once payment is made by the insurers.

It will soon start working on damage claims, which will be booked as income in the next quarter, PTTEP said in its statement.

Future production operations for the rig will be considered after the experts have assessed the extent of the damage.

Regarding the oil and gas leaks since August 21, PTTEP has recorded expenditures of Bt5.17 billion related to the incident in its third-quarter financial statement, which still showed a net profit of Bt5.26 billion.

PTTEP chief executive officer Anon Sirisaengtaksin said PTTEP Australasia had received first-rate assistance from the Australian government concerning the oil leak and the fire at the rig and would like to express his sincere thanks.

PTTEP Australasia has also been working closely with the Australian Maritime Safety Authority and other agencies in trying to stop the oil spill.

He said that the company had also been cooperating with Australian environment agencies and experts to monitor both the short- and long-term environmental impact in the Timor Sea.

The fire broke out on Sunday.