Kumul Petroleum Holdings Limited is planning carbon capture and offset projects to cover its direct existing and future carbon dioxide (CO2) emissions arising from its equity positions in LNG projects.
Companies or organisations use carbon offsets to compensate for their emissions, thereby decreasing their net emissions. This is an effort to address the harmful effects of climate change.
Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk, on Monday, made KPHL’s stance known during the 17th Papua New Guinea Resources and Investment Conference in Sydney.
He said PNG has huge natural energy sources that could be developed to produce electricity both domestically and for export.
Sonk emphasised that: “Papua New Guinea has unexploited natural energy sources – hydro, wind, solar and geothermal.
“It has large unlogged tropical forest areas - a huge ‘carbon sink’ that could be harnessed through properly designed and validated projects to generate carbon offsets, enabling potential future LNG exports to be net Zero, in line with National Government commitments.”
Sonk said many benefits will be generated by Kumul Petroleum’s activities that are already underway or planned.
“All this is in line with our company’s vision: Building the nation through its energy resources.”