- Port Moresby
- Posted 1st Aug, 2014
Kumul Petroleum To Underwrite the Petroleum & Energy Conference
National Petroleum Company of PNG (“Kumul Petroleum”) and Department of Petroleum and Energy (DPE) today are signing a Memorandum of Understanding (“MOU”) to allow Kumul Petroleum to underwrite the staging of the proposed annual PNG Petroleum and Energy conference in close collaboration with the Government Department.
The Ministry and Department of Petroleum and Energy is keen to promote PNG’s Petroleum and Energy sector to the international business community and will require the finance and resourcing to promote PNG’s potential both locally and internationally.
In recent years, the PNG Petroleum and Energy sector has become very active. Apart of the biggest Petroleum Project (PNG LNG Project), there are ongoing initiatives such as Biomass projects, hydro-electric schemes, geo-thermal projects, cassava to ethanol projects and more. As more of these projects mature into sustainable operations, PNG’s position as the leader in hydrocarbon and energy development in the Pacific will grow from strength to strength.
Minister for Petroleum and Energy, Hon. Nixon Duban said the recent delivery of the PNG LNG Project ahead of schedule and within Budget had elevated PNG to a whole new level among global players.
“Not only do we already have a proven track record of delivering projects, but we have a stable fiscal regime that is known to investors and importantly a stable government, compared to other parts of the world such as the Middle East and Africa. This provides the right environment to market PNG as the perfect investment destination for petroleum and energy resource developments.
Minister Duban further stressed that such a conference would also provide a platform to discuss industry policy, promote growth and encourage further development of the energy industry. He said we have enough discovered gas resource for 5 to 6 train LNG Projects, one or two PetroChemical Project and several Power Plant Projects.
Minister further added, PNG is still considered under explored, hence there is more Potential for Oil and Gas discovery and on the Energy front, PNG is blessed with natural rivers and vast variety of energy sources where if harnessed and developed properly, we can be energy sufficient for many years.
Kumul Petroleum as the third largest partner in the PNG LNG project and developing itself to be National Oil Company, hence State nominee in hydrocarbon Projects. Kumul Petroleum is excited to support this major future annual event for the benefit of the nation.
Under the agreement the ministry will give full recognition to Kumul Petroleum to underwrite the annual PNG Petroleum and Energy Conference. Kumul Petroleum will assume sole, exclusive and naming rights to host the conference.
Kumul Petroleum Managing Director Wapu Sonk said: “This agreement will allow Kumul Petroleum to initiate preparations to be able to showcase PNG as among the leading top petroleum and energy investment destinations in the world. It will also enable us to foster an event where knowledge, skills and experiences can be shared and exchanged.”
The agreement will see Kumul Petroleum lead the establishment of a working group comprising stakeholders who will be consulted upon, to ensure the initiative becomes a significant event in the PNG Annual Calendar during the term of the MOU.
Kumul Petroleum is building on the State’s multi-billion dollar investment in the PNG LNG Project.
The company’s unique partnerships with international and local companies in the oil and gas industry will bring growth by employing world class talent and business practices for assessing investment decisions, led by determined Papua New Guineans to increase value in the hydrocarbon industry, for Papua New Guineans.
We are pleased to sign this MOU today with the Department of Petroleum and Energy (DPE) to promote our Industry as this agreement further strengthens our commitment to growing the industry through partnerships.