Oil Search Limited (OSL)

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.

In a statement announcing the full year results for 2017, the company says the profit is buoyed by strong oil and gas prices and strong production levels.

Managing Director Peter Botten said: “Sales revenue benefited from the rise in global oil and gas prices, with the average realised oil and condensate price increasing by 24 percent to US$55.68/barrels of oil (bbl) and the average realised LNG and gas price 21 percent higher, at US$7.67/one million British Thermal Units (mmBtu).