The charge of unlawfully causing serious environmental harm with an oil spillage arose when the Moonie - Brisbane oil pipeline ruptured on March 18 this year, which resulted in the $300,000 fine with an additional $55,000 for associated court costs.
Moonie will also be hit with a bill of more than $2 million to cover the emergency response, initial clean-up and long-term rehabilitation of the affected area.
Around 1.9 million litres (almost 12,000 bbls) of light crude oil spilled on to vacant reclaimed industrial land and a drain during an operation designed to measure the thickness of the pipeline wall 2.5km from the Lytton terminal, in Brisbane's east.
It is thought a fleet of "sucker" trucks vacuumed 1.6 million litres of the oil up, while 66% of the remaining oil was believed to have evaporated.
EPA environment director for the southern regional Ron Anderson said the spill was a significant one, which damaged mangroves and caused fish and crab kills in the area.
The EPA and magistrate Leanne O'Shea both noted the excellent co-operation of the Moonie pipeline company in the clean up process along with its previous outstanding environmental record.