Tuesday, December 4, 2018

PNG Kumul Petroleum Holdings hopes projects reach final decision

Three projects, Elk/Antelope, P’nyang and Twinza’s offshore field developments are heading towards the final investment decision (FID) stage, Kumul Petroleum Holdings Ltd (KPHL) managing director Wapu Sonk says.
Speaking at the investment conference in Australia this week, Sonk said: “We (KPHL) are optimistic that both Total and Exxon-led LNG projects will soon enter Feed in 2019 and then reach FID in 2020.
“We are pleased to see Twinza finally stepped in to commercialise a long-stranded offshore field.
“We believe exercising our maximum equity entitlement is essential for the nation to take its fair share of these developments.
“We are focusing our efforts on utilising the DOM (Domestic Market Obligation) provisions of the gas agreements to maximise the long-term benefit of the nation by:


  • Electricity generation for homes and businesses;
  • Gas feedstock and raw fuel supply for competitive industry; and,
  • National LNG distribution to provide cheaper low pollutantfuel supply replacing imported fuel.”

“Kumul is a passive participant in all these projects, and we’re delighted to see them move forward,” Sonk said.
“Critically, they all have significant balance sheets and good credit ratings, which make their access to funding easier.
“And they all have significant long term investments in PNG … thus have demonstrated their commitment to the country.”
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