By Fabian Hakalits – EM TV News, Port Moresby
A share sale Agreement has allowed the state’s business arm, Kumul Petroleum Holdings Limited, to own the oil and gas interest and assets of Petromin PNG Holdings Limited.
Managing Director, Wapu Sonk, says these assets have been transferred under the Kumul Consolidation Agenda and governing laws to create more investment and business opportunities.
As of today, these assets will be managed by single entities only.
Under the Kumul Consolidation Policy, oil and gas assets in different agencies must be under a single entity.
All partners and stakeholders in the oil and mineral sector will abide by the new law.
Two assets transferred were Eda Oil along with its subsidiary, Kumul LNG.
All issued shares in Eda Oil Limited were also purchased.
Upon the acquisition of Eda Oil Limited, Kumul Petroleum Holdings Limited is a participation in PDL 5 Moran and will have to increase interest in the PNG LNG Project by 0.20379 per cent.
The transfer of Petromin’s oil and gas interest is part of the national government’s agenda to manage mineral and petroleum related investments.