Kumul Petroleum Holdings Limited (Kumul Petroleum) has congratulated Santos Limited and Oil Search Limited on their successful merger.
Kumul Petroleum Managing Director, Wapu Sonk congratulated both industry leaders for a smooth and successful completion of the merger. He lauded the companies on behalf of the Board and Trustee Shareholder, who is the Prime Minister and the 8 million-plus Papua New Guinean shareholders of Kumul Petroleum.
“Santos being a regional industry player and leader with a strong balance sheet to have expressed strong interest in PNG speaks volume for industry confidence in itself.
“Santos having to pursue a greater role play along with Kumul Petroleum, Total SA and ExxonMobil in various oil and gas development project in PNG speak volume for its investor confidence in the sector”.
Mr Sonk said for OSL, it has been the mainstay and PNG focused oil and gas resources development in the country after Chevron creating positive values and contributing to nation building.
“As direct beneficiaries of OSL in the early stages as former employee, and now partners in various projects, I would like to farewell a name that was synonym with oil and gas in the country for over 30 years.
“Without OSL, we couldn’t see some of those major development changes in the country through both direct and indirect investment such as tax credit schemes, direct cash injection through corporate tax and employee tax.
“Also there were employment opportunities and other positive impacts through corporate social responsibility programs made over the years in the project footprints and elsewhere.
However, Mr Sonk said the change of guard now creates better opportunity for Kumul Petroleum as the leading host partner to Santos and other major global industry players, giving prominence to the NOC. While adding value to various investment as well as adding value to the industry and country itself.
He said as the host NOC and partner, Kumul Petroleum is looking forward to working with Santos, pick up from where OSL left and create more values and opportunities that mutually benefits all partners and shareholder in the business.