Kumul Petroleum Holdings Limited managing director, Wapu Sonk, today handed over a cheque of K150 million to the State Owned Enterprises Minister Hon. William Duma, as final dividend payment for the year.
Mr Sonk said, “This has been a tough year financially for KPHL, we have had to meet our PNG LNG Project JV cash calls associated with the finalisations and connection of the Angore field, raise the finance necessary to acquire an additional 2.6% in the PNG LNG Project and assisting the Government and nation by importing fuel when the fuel crisis arose earlier this year. However, we are happy to make this K150 million dividend payment, in line with our 2024 Annual Operating Plan.”
Mr Sonk added, “This is the final payment for 2024, a year in which we have paid a total of K300 million in dividends. Since the start of the PNG LNG Project exports in 2014, Kumul Petroleum has paid a total of K3.2 billion in dividends to the State.”
“In addition to payment of dividends since 2014, Kumul Petroleum has paid the State more than K1.1 billion in return of capital, which is part payment of the Kroton equity on behalf of impacted landowners and provincial governments under the vendor finance loan agreement signed between KPHL and beneficiaries in December 2016.”
He noted that aside from direct dividend and return of capital payments, KPHL has spent millions of Kina on health, education, rural electrification and other infrastructure projects, including helping the Government deliver sports outcomes, the latest one being the NRL licence for the PNG franchise to enter the Australian NRL competition in 2028.
“Kumul Petroleum is actively managing its four petroleum retention licences, carrying out work that will make these more attractive to investors, so currently stranded gas fields can be aggregated and commercialised. This expenditure will pay dividends in future years.”
“KPHL is also actively working with our JV partners, ExxonMobil, Santos and TotalEnergies, in further petroleum development projects like Angore, well drilling in Hides, Muruk, Juha and P’nyang.
Mr Sonk continued, “Apart from its ongoing commitments, KPHL is also preparing to participate actively in the forthcoming Papua and P’nyang LNG projects, where we intend to take up our full mandated equity of 22.5%. We will have the necessary financial position and balance sheet to participate, which includes paying the 2% free carry interest for landowners and provincial governments.”
“Kumul Petroleum is thankful for the support received from Prime Minister James Marape, Minister Duma, past and present petroleum ministers and other key Government agencies that will enable us to continue to develop and expand our activities to fully exploit PNG’s advantageous position as a key energy supplier to the Asian market.”
