Kumul Petroleum Signs MOU with PNG Power Limited: Develop Solutions to Domestic Energy Demand.

Kumul Petroleum Signs MOU with PNG Power Limited: Develop Solutions to Domestic Energy Demand.

PNG-POWER-MOU
[Press Release: Friday August 8, 2015, Port Moresby]National Petroleum Company of PNG (“Kumul Petroleum”) and PNG Power Limited today, Friday, August 8 2014, are signing a Memorandum of Understanding (“MOU”) to develop interim and long term energy supply solutions for the growing demand of electricity in Port Moresby, and the rest of Papua New Guinea.

We are pleased to sign this MOU today with our sister SOE, PNG Power, with the support of the State through our common shareholder IPBC.

We acknowledge the on-going challenges faced by PNG Power to provide dependable and reachable electricity supply services and have taken this bold step to work together and deliver our respective mandates from the State– to supply energy and provide electricity.

This MOU highlights our mutual agreement to jointly develop reliable and cost effective electricity supply solutions for the country. A step toward achieving this objective is to deliver the Kumul Petroleum operated Port Moresby Gas Supply Project that is progressing steadily.

The Port Moresby Gas Supply Project, once completed, will see Kumul Petroleum purchase gas from the PNGLNG Project, condition it near the LNG plant site and supply to PNG Power for its power generation needs. Our multi-billion investment in the PNGLNG Project has made it possible for Kumul Petroleum to commence negotiations with the PNGLNG Project to secure an adequate supply of gas over several years. Kumul Petroleum will make available gas to PNG Power to generate up to 100 MW of power in the near term with future expansion options.

With the signing of this MOU, Kumul Petroleum will broaden its energy supply alternatives as a national oil and gas company. We are in close consultation with PNG Power to address some of their power generation issues especially caused by lack of cheap fuel supply.

A dedicated project team has been assembled to work on the Pom Gas Supply Project led by the GTE Project Director, Richard Robinson, a very experienced project manager within the hydrocarbon industry. His team will be responsible for managing the negotiations and execution of the project from tie-in to the Exxon Mobil facility, laying of the pipeline and the gas conditioning plant. The IPP operation and the transmission work will be managed by PNG Power.

In supplying energy to PNG Power under this MOU, Kumul Petroleum will play an important part in the improvement of living standards of citizens and residents of Papua New Guinea.

Kumul Petroleum will continue to develop new and unique partnerships and create incremental value.

After all, that is our promise, to maximize our gains from the PNGLNG Project to benefit the State and the ultimate shareholders, the people of Papua New Guinea.

After all, that is our promise, to maximize our gains from the PNGLNG Project to benefit the State and the ultimate shareholders, the people of Papua New Guinea.

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