Kumul Petroleum is the State’s nominee in the ExxonMobil operated PNG LNG Project (the “Project”) in accordance with the Oil & Gas Act 1998.
Kumul Petroleum has a 16.57% participating interest, the 3rd largest, in this multi-field, multi-party, integrated venture having a development cost of over US$19 billion that 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 Project has a nameplate of 6.9 MTPA producing 9 TCF of gas over 20 years.
Kumul Petroleum’s participating interest is determined by the amount of gas committed to the Project from a defined area within its four underlying petroleum development licences (PDL). Kumul Petroleum
has a 20.5% interest in each of:
The joint venture owners of the Project are: ExxonMobil (33.2%), Oil Search (29.0%), Kumul Petroleum
holdings Limited (16.6%), Santos (13.5%), JX Nippon (4.7%), MRDC (2.8%) and Petromin (0.2%).