PNG awards 4th licence to Kumul Petroleum
Papua New Guinea’s (PNG) national oil company Kumul Petroleum Holdings has been awarded the fourth petroleum retention license (PRL) this year by the government, it said on September 3.
This decision comes less than five months after the awarding of the three licences. In April the petroleum advisory board granted PRL 48, PRL 49 and PRL 50 covering the Kimu, Barikewa and Uramu gas fields to Kumul.
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Kumul said that the Pandora licence presented the opportunity to put to test the aggregation and development concepts that the company has been working on. Managing director Wapu Sonk said the company would now be able to consolidate these assets and move toward commercialising fields that were “previously held by different owners and were otherwise considered stranded, isolated and economically challenging.”
Sonk added that the company would look to invite joint venture partners and technical service providers with the requisite technical and financial capabilities who will assume critical roles in the development of these gas fields.