PNG Government gives Petroleum Retention License to KPHL to Operate Gulf Gas Field

 THE  Papua New Guinea Government has handed over petroleum retention licences (PRL) to the Kumul Petroleum Holdings Ltd to develop gas fields in Kimu, Barikewa and Uramu in Kikori, Gulf.

Petroleum Minister Kerenga Kua said on Friday that it was the way forward in realising the potential in the country’s resources, especially for the oil and gas company to wholly own and operate the three gas fields.

It was in line with the Government policy for Papua New Guineans to take a larger share in any major resource project.

“We have been heading in that direction by looking at reforming the laws to achieve that kind of outcome, at the same time using contractual negotiations to achieve the same kind of outcome: maximise benefits to Papua New Guinea.”

Kua said KPHL had applied for the licences when they expired.

After consideration by the Petroleum Advisory Board (PAB), it made recommendations to the Government which then gave the licenses to KPHL.

KPHL managing director Wapu Sonk said the licences were previously held by Oil Search Ltd, Santos and other operators.

“When the licenses expired, we applied and we now have 100 per cent ownership of these licenses,” he said. “The licences are discovered gas fields and they have 2TCF of natural gas and about 60 million barrels of condensate that comes with it.

“We will try our best to be compliant with the Oil and Gas Act, environment laws, and compliant with all our laws and look at the best way possible to commercialise these three licences to benefit our people.”

The National / PacificMiningWatch

Next :  PNG Kumul Petroleum in good position to operate Kikori gas fields: Sonk

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