Kumul Petroleum Holdings Limited

KPHL made the presentation today to Chairman of the organizing committee, Dr. Osborne Liko, in Port Moresby today.

This is the third time KPHL has backed the annual event, which brings in medical practitioners from around the country, region, and globally.

Presenting the cheque to Dr. Liko, KPHL Social Inclusion Coordinator, Sylvestor Rawela, said the sponsorship is part of the company’s ongoing commitment to advancing Papua New Guineans by creating value and opportunities.

Recently the company appointed former part-time employee, Richard Robinson, to head its Energy Business Subsidiary which oversees the power plant.

Robinson was with KPHL between 2013 and 2014 and led efforts to develop gas-fired power generation in Port Moresby.

In a media statement KPHL Managing Director, Wapu Sonk, said Robinson will focus on the set up and development of the new business venture whilst maintaining a close overview of the initial Port Moresby gas-fired power station project development.

The agreement will enable KPHL to enter the active LNG market and trade LNG cargoes in to LNG market spots.

KPHL Managing Director, Wapu Sonk, and LNG Japan Limited President and CEO, Norikazu Onishi, both signed the agreement today in Port Moresby, in a separate ceremony from the Inaugural Petroleum and Energy Summit.

Sonk said the agreement allows both companies to begin work on a joint venture partnership and take advantage of spot markets.

Stop work at UPNG medical school

Academics at the University of Papua New Guinea School of Medicine and Health Sciences have voted to stop work today.

http://www.looppng.com/png-news/stop-work-upng-medical-school-50743

Parliament resumes today

Parliament will resume today at 2pm for its January session.

It is hoped the interim leadership also exercises the “Kroton Equity Option” to close down their share of the 4.247 per cent indirect interest in the PNG LNG Project.

The Green Field areas represent PDL 1 and 7 (Hides 1 and 4), PDL 8 (Angore), and PDL 9 (Juha) and pipeline segments, and are areas where the clan vetting process has not been conducted to identify legitimate landowners and clans.

Minister for Petroleum and Energy, Nixon Duban, has set up the interim committee’s and it is expected that the Kroton Equity Option will be exercised by the end of January.

Kina Petroleum CEO, Richared Schroder, told members during their Annual General Meeting recently that Kina’s business and commercial priority is the monetisation of the discovered resources in Petroleum Retention Licenses (PRL) areas 21 and 38.

He said Infrastructure investment announcements by Kumul Petroleum Holdings Limited (KPHL) in Western Province and proposed drilling activity in May 2017 by Twinza Oil Limited at Pasca will positively impact on the future commercialisation of both assets.

“Kumul’s proposed pipeline from Western Province to the east clearly

The Western Pipeline aims to aggregate all the gas fields in the 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 preposition is expected to have the potential to underpin all manner of gas commercialisation.

This was revealed by KPHL Managing Director, Wapu Sonk, during the PNG Chamber of Mines and Petroleum Conference in Sydney, Australia, early this month.

However, he said this did not to mean that landowners were not receiving any benefits at all. He said landowners of certain fields of the project were receiving their benefits since 2014

“The Brown Field areas, Gobe and Kutubu and these places already have a mechanism in place so they are receiving it.”

“Lets not be misled by saying that LNG Benefits have not been received,” he said.

Sonk made the remarks after being questioned by the media that the Oil and Gas Act may be outdated and if there needed to be a review.

The funding was presented today by PNG’s national oil and gas company Kumul Petroleum Holdings Limited (KPHL).

The Kumul Petroleum Academy initiative is funded by the KPHL’s participation in South Pacific Employment Institution (SPEI).

A total of 32 trainees will have an opportunity to be trained at the centre situated at the world class state of the art training facility built at a cost of K53m at Idubada near Port Moresby.   

The transfer is consistent with the State’s broader Kumul Consolidation Agenda and the requirements of the KPHL Act.

KPHL is mandated under the Kumul Petroleum Holdings Limited Authorisation Act 2015 (KPHL Act) as the sole nominee of the State to acquire, hold and manage the State’s oil and gas interests and assets in PNG and to carry on business as any other commercial entity in the oil and gas sector would.