Kumul Petroleum Holdings Limited

In a statement, KPHL Managing Director, Wapu Sonk, also says the Government through the Department of Energy, should be congratulated for insisting back in 2016 that P’nyang South drilling and reserve certification be completed first before discussing the Application for Petroleum Development License (APDL).

Sonk said now they can discuss the APDL knowing what reserves they are dealing with.

He said it also gives comfort that Train 3 discussions will happen as soon as ExxonMobil submits the other requirements for APDL.

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.