Kumul Petroleum Holdings Limited (KPHL)

Kumul Petroleum Welcomes PNGneans

Alex Goiye and Kila Pidi both oil and gas industry experts are employed by the NOC occupying top positions as general managers within the core business of Kumul Petroleum.

Managing Director, Wapu Sonk commended the return of Goiye and Pidi, saying they will add value to the Kumul Petroleum’s growing interest.

“Retiring to their home country with the purpose of giving back to their people, their country through their contribution to KPHL, speaks volume for the kind of locally educated Papua New Guinean who have been exported yet return to their country,” Mr Sonk said.

Santos-OSL Merger Commended

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.

PM Gives Porgera Update

He said while reopening the mine is an important outcome sought by all, getting to that point required important regulatory and commercial arrangements to be in place.

The Prime Minister said he recognizes the commitments that the regulators, Barrick and Kumul Mineral Holding Limited have demonstrated to progress important milestones.

He said the engagement with landowners on the details of the benefits and the presentation of the framework agreement in Porgera on June 4, 2021 was an important milestone.

State grants KPHL License

KPHL now has four Petroleum Retention Licenses (PRL), containing a total estimate reserve of 2 trillion cubic feet of dry gas.

In April of this year, it was announced that the Government made the decision to award PRL 48, 49 and 50 covering Kimu, Barikewa and Uramu gas fields to KPHL. The three are gas fields with estimated reserves of 233 billion cubic feet (BCF) of gas, 299 BCF and 274 BCF respectively.

The three PRLs were formerly held under Oil Search Limited, which naturally expired in October 2020. Pandora (PRL47) was formerly held by Talisman which expired in 2018.

KPHL remitted over K4bn to State: Chairman

This was disclosed at its recent Annual General Meeting in Port Moresby, attended by Prime Minister James Marape in his capacity as the Trustee Shareholder of Kumul Petroleum for, and on behalf, of the eight million people of Papua New Guinea.

Kumul Petroleum Chairman, Andrew Baing, revealed that the K4 billion remitted to the State is out of the total revenue of circa K5 billion earned by Kumul Petroleum from the period 2014 to 2018. This is almost 80 percent of the total revenue of Kumul Petroleum for the period 2014 to 2018.

K100,000 for Life PNG Care

The fundraising golf tournament was held on Friday 28 June, at the Royal Port Moresby Golf Club for LPC, a PNG non-government-organisation which cares for and educates children in Port Moresby.

A total of 33 four-man Ambrose teams, mostly from corporate bodies, participated at the KPCGC, raising funds from registration fees, auctions and donations.

KPHL Managing Director Wapu Sonk commended the teams for supporting KPHL and expressed his gratitude to individuals and corporate houses for participating in a golf event supporting a worthy cause.

Basil refutes Opposition’s claim

He said, however, that KPHL made a net profit of K170 million in 2017.

The rebuttal follow claims by Opposition Leader, Patrick Pruaitch, that KPHL made a loss of K1.5 billion, with the UBS K3 billion loan alleged as one of the causes for the loss.

In a statement, Basil said KPHL has not borrowed from any commercial bank since 2014 and there are no operating losses in 2016 as claimed by the Leader of Opposition.

NiuPower Plant 80pc complete

This was revealed following a site visit by NiuPower Joint Venture owners Kumul Petroleum Holdings Limited and Oil Search limited.

Deputy Prime Minister, Charles Abel, was also on the tour.

NiuPower Project Director, Michael Krause, said the project is 80% complete and will handed over early next year.

“The plant will be handed over to NiuPpwer’s ownership in the first quarter of next year and then be available to provide reliable low cost, clean energy, to the grid for the Port Moresby business sector and the public,” he said.

KPHL supports UNITECH Engineering

The accord establishes the standard and benchmark for professional engineering education across countries and provides assurance when an engineering degree is awarded by one of its member countries, the degree is recognized by all other members in the Washington Accord.

PNG is not a member of the Accord yet but is progressing towards becoming a member through financial assistance as such.

Kumul Petroleum signs HOA with Total

This is for the joint marketing and sale of their shares of LNG and condensates to be produced from the Papua LNG Project.

Under the HoA, KPHL and Total will negotiate a shareholders’ agreement for an Incorporated Joint Venture (IJV) to be set up as the corporate vehicle to commercialise their combined production share of LNG and condensates from Papua LNG and jointly staffed by Total and KPHL. 

The IJV will engage potential buyers of LNG in the Asia-Pacific region for the long term sale and purchase of their respective entitlements of LNG in Papua LNG.