KPHL

Opposition calls for tax explanation

Mr Pruaitch said the public is entitled to facts and not rhetoric explaining why Kumul’s tax figure for 2014 alone was much higher than the total tax paid by Kumul Petroleum for the three years to 2016.

The Opposition leader said the Internal Revenue Commission records released in the Extractive Industries Transparency Initiative (EITI) annual reports show that the total tax paid to IRC by Kumul Petroleum in 2014, 2015 and 2016 was only K127.5 million, or K115 million less than what was due in 2014.

KPHL focuses on establishing Petroleum Resources Authority

Kumul Petroleum Holdings Limited (KPHL) Managing Director, Wapu Sonk, said this during the office opening on Thursday.

Impressed with the facilities which will house the GPCO, as well as the Minister for Petroleum and Energy and potentially the Secretary for the Department,  Sonk hopes plans for the PRA’s establishment begins.

Local firm must replace ExxonMobil: Potape

Speaking during the sponsorship announcement of the Hela Wigmen by Kumul Petroleum Holdings Limited (KPHL) and the Hela Provincial Government, Potape reiterated the sentiment he made eight years ago.

He said this when commending KPHL and Managing Director, Wapu Sonk, for its support to the rugby league club.

“I made this speech in Kokopo when we signed the UBSA that one day a Papua New Guinea firm must take the place of ExxonMobil.

Western pipeline to increase revenue

Horizon Oil Chief Executive Officer, Brent Emmett (Pictured), said during the Petroleum and Energy Summit in Port Moresby that the potential income can be generated through the proposed Western Pipeline.

Horizon Oil and Repsol both own a 66 per cent stake in the appraised Western Foreland fields commercialisation project in the province and have in place a road map for the delivery of a ‘Western LNG’ pipeline.

KPHL urges beneficiaries to sign Vendor Financing agreement

Sonk said this in response to statements by beneficiary groups from the Wellhead and Facilities areas of PDL 1 (Hides), PDL 2 (Kutubu), PDL 7 (Hides 4) and, PDL 8 (Angore) who have refused outright the vendor finance option.

They claimed that KPHL is riddled with a massive debt of over K9 billion and said there will be no value to the shares they acquire.

The group also said they are still awaiting a response from the Government on ‘14 Critical Demands’ which they presented to the Deputy Prime Minister, Leo Dion, on November 2016.

KPHL staff to study in prestigious program

Petroluem Engineer, Zachariah Yakap, and Geologist, Elliona Maso, from Kumul Petroluem Holdings Limited (KPHL)have been selected out of hundreds of applicants around the world to study at the Centro de Formacion de Repsol, Madrid.

The prestigious Masters Programs in Oil and Gas Exploration is sponsored by Repsol, South Africa’s largest oil company.

KPHL Managing Director, Wapu Sonk, thanked Repsol for sponsoring both staff of the organization saying it is in line with KPHL’s strategy of building the Kumul Petroluem Academy.

Government has not used landowner royalties

This was the message from Minister for Petroleum and Energy, Nixson Duban, following the launching of the process to begin opening of ‘Beneficiaries Clan Accounts'.

Contrary to media publications and allegations that the royalty funds for the landowners have been used by the Government and other state agencies, Duban said the funds awaited the completion of the Ministerial Determination which has been done already.

He said the Government was committed to paying the royalties however, there remained legal cases to be sorted out before certain groups can be paid.

Landowners call for UBSA review

The unanimous call was made by landowner representatives from Southern Highlands, Hela, Gulf, and Central Province.

The landowners made the call during a meeting between them and Kumul Petroleum Holdings Limited, headed by Managing Director, Wapu Sonk.

Though the purpose of the meeting was to inform landowners of the commercial option available for them to exercise their Kroton Option through a vendor finance facility, representatives were more focused on the outstanding issues with the Government on the UBSA.

Undialu calls for transparent dealings of vendor financing

Undialu said he had protested during a meeting with KPHL executives and landowners during their meet in Sydney in August after the proposal by KPHL.

“My objection was not only as landowner and MP but as Acting Governor of Hela Province at that time.

“I cannot understand why KPHL rushed to  the National Executive Council seeking for a Vender Note to raise funding from international financers?

“Why rush without seeking mandate from the Beneficiary Groups including Hela Provincial Government, the other four provincial governments and landowners?

KPHL hits back at landowners

He said the statement is completely misleading and doesn’t make sense at all.

“One has to appreciate that the financial modelling that goes behind something like this is far beyond any of these people that have put together.”

He said what the landowners have used was from a presentation he did and they have completely interpret it incorrectly.

 He said there are motives behind the landowners’ misleading statements.