Kumul Petroleum Holdings Limited (KPHL)

90pc signed up for vendor finance: Sonk

Managing Director, Wapu Sonk, told Loop PNG recently that landowners have gone in quietly to sign the agreement and expects to have all landowners’ signatures within the next couple of months.

He said the current economic climate has made it unattractive for landowners to find the money to buy the 4.27 percent indirect interest in the PNG LNG Project.

KPHL becomes Gold sponsor for 7th PNG Games

The Games will be held from March 18 to April 1 and will bring together 21 provincial teams and 12,000 athletes and officials.

KPHL Managing Director, Wapu Sonk announced KPHL Boards endorsement of the Gold Sponsor package of K500, 000.

Sonk stated that as Papua New Guineas national Oil and Gas Company, its vision is to create value and opportunity for Papua New Guineans and this Gold sponsorship gesture is a demonstration of the company’s vision.

Sonk says Kroton not mortgaged

KPHL Managing Director, Wapu Sonk, said this during the signing of ‘Unit Application Forms’ by Beneficiary Group PDL 4- Gobe to exercise the vendor finance option to acquire Kroton Equity shares in the PNG LNG Project.

He said  there were rumours and misconceptions that Kroton was mortgaged against the UBS Loan and that the States shares in Kroton, which some of the Beneficiary Groups have acquired through the Kroton Option, had a lot of liability. This is head was not true.

Gobe PDL 4 Landowners want separate entity for payments

The representatives, before signing ‘Unit Application Forms’ to exercise the Kroton Equity Option, called on KPHL to establish a separate entity for their payments and not to park the payments in Petroleum Resources Gobe under the Mineral Resources Development Company (MRDC).

Jeffrey Kairi, from Zone Two PDL 4, said the Landowner Benefit Sharing Agreement (LBSA) agreed to by them has a clause calling for the establishment of a separate entity which he says is called ‘Gas Resources Gobe Limited.’

Gobe PDL 4 reps sign Kroton Option agreement

10 representatives from Zones One, Two, and Three Facilitiy’s of Gobe, signed ‘Unit Application Forms’ which paves the way for their share of the 25.75 per cent commercial interest in the PNG Liquefied Natural Gas (LNG) Project to be transferred to them.

Despite the Kroton Equity Option lapsing on December 31 2016, PDL 4 – Gobe had expressed their interest to sign the agreement before the due date.

KPHL Managing Director, Wapu Sonk, congratulated the landowner’s for allowing representatives to sign so that their commercial shares are transferred to PDL 4 – Gobe.

Beneficiary groups to sign transfer documents

Managing Director Wapu Sonk announced that these groups will be called in over the coming weeks to sign up on the share transfer documents as well as the vendor note being offered by KPHL.

The following beneficiary groups have come forward;

(1) PNG LNG Plantsite

(2) PNG LNG Pipeline

(3) PDL 9 - Juha

(4) PDL 4 - Gobe and,

(5) Fly River Provincial Government.

First ‘Western Pipeline’ gas by 2022/23

This will only be possible if all stages of preparing the establishment of the pipeline go smoothly.

The Western Pipeline aims to aggregate all the gas fields in the Western Province into a single pipeline that will run all the way to Port Moresby.

The gas fields include P’yang, Stanley, Ketu, Elevala, Ubuntu, Puk Puk, Douglas and Kemu.

The proposition is expected to have the potential to underpin all manner of gas commercialisation.

Governor’s offer option for landowners

 They said this could be done until until such time the vetting process is done and genuine landowners are identified in their specific provinces.

Hela Governor, Francis Potape, and Southern Highlands Governor, William Powi, said this on TVWAN’s ‘Nau’ Program last night.

Both Governors said as the duly elected leaders of their respective provinces, they could sign on behalf of the unidentified leaders given the looming deadline on December 31.

KPH staff to undergo master’s program in Spain

Both candidates were accepted into the Centro de Formacion de Repsol campus, out of thousands of applications from around the world, to undertake the Masters in Oil and Gas Exploration and Production program.

Yakap, from Laiagap in Enga Province, says he is excited about the opportunity to learn in Spain and that it was too good to be true.

Graduating from the University of Technology as a mechanical engineer, his program will focus on Master in Petroleum Engineering, Reservoir Management.

“I would also like to say it’s God’s blessing.

Govt withdraws vendor financing option

However, they will still educate beneficiaries on the option and provide it to them if they wish to exercise it.

Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk, announced the government decision following disagreements from beneficiaries.

“We had a push back from different groups so were allowing them to go and finance the option before the 31st of December then we’ll put our option back on the table again if the beneficiaries haven’t found the financing.