By Suli Suli
The Government under the Petroleum Ministry has awarded 3 Petroleum Retention Licenses (PRL) 48, 49, and 50 covering Kimu, Barikewa, and Uramu gas fields to Kumul Petroleum.
This will provide Kumul Petroleum the opportunity to develop these three promising natural gas with high liquid content fields, generating revenue for the State and the people of Papua New Guinea.
Following due considerations by the Petroleum advisory board and Minster, Kumul Petroleum will now be the operators of the 3 PRL’s in Gulf Province.
Petroleum Minister, Kerenga Kua during the announcement this afternoon said this is a step forward for government to allocate assets and licences to right developers so that PNG receives maximized benefits of the potential natural gas resources.
Kua said that this is an important step forward as we realize the potential of our world-class natural resources.
“It shows that our policies are working and allows the government through the guidance of the department of Petroleum to allocate assets and licenses to the right developers and in particular looking for a greater share of the benefits of our resources when the licenses expire and return to the state”
The Kumul Petroleum Board and Management welcomed the decision of the government and have assured to take full responsibility to operate.
Managing Director, Wapu Sonk, said they will now focus on developing commercial strategies for the PRLs to work towards bringing the market.
“At Kumul Petroleum, we take seriously our responsibility to move forward quickly so the assets can begin generating returns for the nation. We are looking forward to getting them started but will only do so on good commercial terms, which deliver substantial benefits to Papua New Guinea and its people”, Wapu Said.
The licences will operate in a duration of 15 years period which will be renewed every 5 years.