Recent announcements in the development of oil and gas infrastructure along the Gulf coast of PNG provide positives for the commercialisation of Kina Petroleum’s resource assets.
Kina Petroleum CEO, Richared Schroder, told members during their Annual General Meeting recently that Kina’s business and commercial priority is the monetisation of the discovered resources in Petroleum Retention Licenses (PRL) areas 21 and 38.
He said Infrastructure investment announcements by Kumul Petroleum Holdings Limited (KPHL) in Western Province and proposed drilling activity in May 2017 by Twinza Oil Limited at Pasca will positively impact on the future commercialisation of both assets.
“Kumul’s proposed pipeline from Western Province to the east clearly
demonstrates the State’s intent to move forward with the commercialisation
of the discovered Western Province gas resources in some form of aggregated
project and PPL 21 discoveries at Elevala and Ketu will form a material
component of any such project.
“Furthermore, the establishment of a Joint Working Team between operators of the Stanley development in PDL 10 and the PRL 21 Joint Venture will foster progress towards an aggregated development to commercialise gas resources in Western Province,” said Schroder.
Kina’s other discovered gas asset is a 25% equity in PRL 38 which lies to the
south of Twinza’s Pasca A gas discovery in the Gulf of Papua.
Development of Pasca will have direct impact on commercialisation plans for Pandora, possibly via an (offshore) aggregated Gulf of PNG Midsize LNG project.