Deed of Agreement between Commonwealth and PTTEP
About the Deed of Agreement
On 4 February 2011, the Minister for Resources and Energy, Martin Ferguson AM MP, released the report of the Independent Review of the PTTEP Australasia (Ashmore-Cartier) Pty Ltd (PTTEP Australasia) Montara Action Plan and announced that, at this time, he would not be issuing a ‘show cause’ notice to the company that might lead to the cancellation of its petroleum titles.
The Minister’s decision was conditional on PTTEP and PTTEP Australasia entering into a binding Deed of Agreement with the Australian Government in which it is agreed that the Montara Action Plan will be implemented in full in respect of all of PTTEP Australasia’s operations.
This implementation will be subject to an 18 month monitoring program undertaken by independent experts appointed by the Department of Resources, Energy and Tourism, which will provide assurance that the Montara Action Plan is fully completed and properly implemented by PTTEP across its Australian operations. The monitoring program will ensure that good oil field and governance practices are applied by the company in Australia.
On 22 February 2011, the Deed of Agreement was finalised by PTTEP and senior officials from the Department of Resources, Energy and Tourism.
The Deed of Agreement formalises the implementation of the Montara Action Plan and the arrangements for the 18 month monitoring program, incorporating additional actions raised by Noetic Solutions Pty Ltd in the Independent Review of the Montara Action Plan.