KPHL STARTS SEISMIC SHOOTING IN GULF PROVINCE

Kumul Petroleum Holding Limited (KPHL) has begun collecting seismic data in its Barikewa petroleum retention licence in Gulf Province this month.

Kumul Petroleum Managing Director, Wapu Sonk explained,

“Our contractor, O.M Holdings Limited, has been engaged in landowner engagement, building camps, helipads and bridges, drilling holes for explosive charges, and laying out recorders over approximately 80 kilometres in six seismic lines in our two licences, and this week we have started data collection.”

Mr. Sonk described this as a historic moment, as it is the first time a 100% national company has been involved engaged in petroleum appraisal work in the country. The seismic work will gather additional information on gas already discovered in the two KPHL licences, to increase the known volumes of oil and gas they contain, and improve targets for possible further drilling.

“From seismic results from the Barikewa field, and later in the Kimu field, we will have a better idea of the oil and gas volumes in these licences and be able to assess the economic feasibility of monetizing the gas, and select a development path,” he said.

Mr. Sonk explained that the seismic work was in a remote area and helicopter-supported; that line cutting was a labour-intensive activity and the Oilmin managed operation employed more than 100 local casual employees.

He noted that Oilmin and Kumul Petroleum were also involved in small scale community development in communities close to the seismic work activities.

 “KPHL’s role is to maximize the financial returns that PNG receives from the natural resources it has been blessed with, supporting our economy and development as a country.”

Mr. Sonk added. “Now Kumul Petroleum Holdings is actively involved in upstream petroleum appraisal we can progress further commercialization of PNG’s gas resources, in licences where these discoveries had previously been considered uneconomic and ‘stranded’ fields.”