Kumul Petroleum Holdings Limited (KPHL) has welcomed the National Government’s decision to award it Petroleum Retention Licences (PRL) 48, 49 and 50 covering the already discovered gas fields of Kimu, Barikewa and Uramu. Kimu and Barikewa fields are onshore and Urumu is offshore in the shallow waters off Kikori area. The three fields have an estimated 2C resource estimate of slightly over 2TCF of gas with approximately 50-60Million barrels condensate.
Wapu Sonk, Managing Director of KPHL stated that for the PNG Government in recognising Kumul Petroleum as the best license holder for these licenses 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.
Mr Sonk thanked the Petroleum Advisory Board (PAB) and Minister for coming to the decision, which demonstrates their confidence in the country’s National Oil and Gas Company, which is ready now to lead in development of our resources after last Ten Years of being a passive investor in PNGLNG Project and other developments.
KPHL will explore cheaper and more cost effective ways to commercialise this fields not only in LNG and gas production but downstream processing, Power Generation, Quicklime and Cement production etc.