Kumul Petroleum milestone on tenth anniversary of PNG LNG
This year, will mark a decade, since Papua New Guinea become a liquefied natural gas exporter.
And this week, the milestone shone on Kumul Petroleum Holdings Limited [KPHL], as for the first time, it directly sold its LNG cargo on the international market.
The LNG cargo was from access volume after production in the PNG LNG Project, in which the state owned petroleum company holds 16.77 percent equity.
ExxonMobil PNG chairperson and managing director Tera Shandro said since 2014, PNG LNG Project had remitted revenue amounting to “K24 billion to the State and landowners.”
And Kumul Petroleum Holdings milestone, truly commemorate the projects 10th year anniversary.
“Kumul move to sell equity LNG from the project for the first time, marks our transition to multi-partner selling of our supplement LNG volume, above our long term contract sells, it’s a sign of how strong the plant had performed and industry has matured and grown,” Ms Shandro said.
KPHL managing director Wapu Sonk, says after 14 years of operation, the state own petroleum company is adapting to change.
He admits, since the establishment of previous state companies to participate in the petroleum sector, there was never a clear long term vision, referring to early companies set up to hold state shares in the mineral sector.
Deputy Prime Minister John Rosso, who turned up at Caution Bay LNG site with State Enterprise Minister William Duma and Petroleum Minister Jimmy Maladina was full praise of all parties involved.
The first loading of KPHL LNG cargo on to the tanker bound for China happened this week.
Prime Minister James Marape said that Papua New Guinea continues to be a prime destination for business ventures, highlighted by PetroChina International recent entry into the nation's hydrocarbon industry.
"PetroChina International Co. Ltd, the largest oil and gas producer in the Asian continent and a top 50 company globally, joins sector giants already operating in the country, such as Exxon Mobil, Total, and Santos. Papua New Guinea is so blessed to have them.”