Kumul Petroleum Holdings Limited (KPHL)

KPHL backs Papua LNG expansion

KPHL managing director, Wapu Sonk when applauding the announcement on March 6, 2023 said the development paves the way for an additional LNG train to be owned by KPHL, unlocking previously inaccessible gas reserves and creating significant value for Papua New Guinea.

He said: “Papua LNG is the country's next large-scale LNG development and will bring many short and long-term benefits to the nation. Kumul Petroleum is ready to take up the State's 22.5% share in the project after FID.”

KPHL to be power provider for SEZs

This cements an agreement where KPHL will be the energy solution provider to support the development and operation of all the Special Economic Zones (SEZs) in Papua New Guinea (PNG).

Minister for International Trade and Investment, Richard Maru during the signing on Thursday 23rd February said that securing reliable and affordable energy supply to the SEZs was a critical foundational input to the commencement and development of the SEZs.

Gov’t in talks of establishing local fuel refinery

Prime Minister James Marape said the Government has been holding talks with ExxonMobil, Total Energies and Santos, together with Mineral Resources Development Authority and State-owned company KPHL, to look into the immediate import of fuel and a long-term solution in the construction of a locally-based refinery for downstream processing to secure the domestic market.

KPHL KEO dividends paid to PDL7

They waited patiently for seven years for their dividend to accumulate to this amount.

In a small but very significant ceremony today, Kroton Laitapo Equity Ltd directors received their equity share certificate as well for the PDL 7 landowner group from Kroton.

The share certificate was presented by KPHL Managing Director, Wapu Sonk. KPHL also presented a dummy cheque of K22.7 million accrued preferential dividends from 2017 to 2021.

Kumul Petroleum Sponsors CPA PNG Conference

This financial assistance will help support accountants in the private and public sector meet international accounting practices and standards.

Kumul Petroleum Executive General Manager- Corporate Affairs, Luke Liria speaking on behalf of the company said that Kumul Petroleum as Papua New Guinea’s national oil and gas company is pleased to partner in sponsoring the annual conference.

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.