PTT E&P Postpones Montara Startup on Delayed Approval, Cyclones

BANGKOK - PTT Exploration & Production PCL said Friday that the start of commercial operations at its Montara oil field offshore Australia will likely be delayed to early 2013 from a previous target of late this year.

The Australian government has only recently approved a safety plan for setting up a rig at Montara, and cyclones in the region have also hampered work, leading to the postponement of commercial startup, Chief Executive Tevin Vongvanich told reporters.

PTT Exploration plans to produce 30,0000 barrels a day of crude oil at Montara, he said.

Located in the Timor Sea off northern Australia, Montara is the site of the worst oil spill in Australia's history. In August 2009, a drilling rig at Montara burst into flames and eventually spilled more than 20,000 barrels.

Copyright (c) 2012 Dow Jones & Company, Inc.


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