NPCP Group of Companies
Creation of NPCP Kroton Limited
NPCP Kroton Limited was incorporated on June 2nd 2008 under the name Kroton No. 2 Limited. The name was subsequently changed to National Petroleum Company of PNG (Kroton) Limited (NPCP Kroton) on September 23rd 2010, as mandated by the Independent State of PNG.
Creation of NPCP Holdings Limited
NPCP Holdings Limited was incorporated on December 16th 2013 as Telemu No.90 Limited and changed its name to NPCP Holdings Limited on March 4th 2014. On September 2nd 2014, the National Executive Council, through NEC Decision No. 264 / 2014, approved the establishment of NPCP Holdings Limited as a wholly owned subsidiary of the Independent Public Business Corporation (IPBC) (now Kumul Consolidated Holdings) and further directed that all petroleum assets of the State, including the Oil Search shares held by the Department of Treasury, all petroleum assets held through Petromin and the NPCP Kroton shares held by IPBC, to be transferred and consolidated into NPCP Holdings Limited.
Based on this direction, the shares of NPCP Kroton Limited held by IPBC were transferred to NPCP Holdings Limited on 17th December 2014. The NEC decision was consistent with the Government's plans to place all the State's oil and gas interests in a national oil and gas company and paved the way for the transition of NPCP Holdings Limited to Kumul Petroleum Holdings Limited.
Transition to Kumul Petroleum Holdings Limited
The KPHL Act was passed by the National Parliament in line with the Government's Kumul Consolidation Agenda. The Notice of Commencement of the (“KPHL Act”) was published in the National Gazette on 1st October 2015 with the Act coming into effect the day before, on 30th September 2015. Consistent with the KPHL Act, NPCP Holdings Limited was required to have its name changed to Kumul Petroleum Holdings at the Companies Register at IPA and the registration of the name change was completed in October 2015.
KPHL Mandate and Rules
KPHL's mandate is to be the commercial vehicle for the State to participate in the whole value chain of the country's oil and gas projects including petrochemical and power generation.
By virtue of this mandate, KPHL can compete in the commercial arena, just like any other State owned business. KPHL is also the State's nominee through its subsidiary Kumul Petroleum (Kroton) Limited, in the ExxonMobil operated LNG project.
KPHL's 16.57% participating interest is the third largest share in the PNG LNG Project. This project is a multi-field, multi-party integrated venture that has a development cost of over US$19 billion and includes a gas conditioning plant upstream in Hides, a combined 700 kilometres of on-shore and offshore pipeline and a two train LNG plant near Port Moresby. The PNG LNG Project is producing over 8 million tonnes of LNG per annum and will produce more than 9 TCF of gas over 20 years.