No shortage of gas in PNG

Kumul Petroleum wants to ensure that beyond the larger LNG projects, the smaller gas discoveries can be progressed towards development in the years to come.
Kumul Petroleum Chairman, Gerea Aopi in his presentation at the 41st Australia Papua New Guinea Business Forum and & Trade Expo in Brisbane, Australia said “whilst oil production has tapered off, PNG‘s gas future is just beginning.
“There is plenty of gas already discovered and a high likelihood of further gas discoveries in the next few years. PNG is not short of gas resources, however, we are short of time in the rapid transition towards renewable energy sources.
“We are currently in discussion with other parties regarding other licences where gas discoveries have been made in the past, such as PDL 10 in Western Province,” Mr Aopi said.
He said as a 19.4% owner in the PNG LNG Project, the company is pleased that project debt was retired ahead of schedule late last year. “Our priorities are clear: This additional PNG LNG Project income will be used to meet our cash calls, repay outstanding loans, and develop the licences where we are Operator (Pandora, Kimu, Barikewa & Uramu) to commerciality and fund future investments, such as acquiring equity in the forthcoming Papua LNG Project.
“Kumul Petroleum’s principal focus at present is ensuring that we are in fact in a position to take up PNG’s maximum mandated equity position in the forthcoming Papua LNG Project and are able to carry MRDC in this shareholding.”
Mr Aopi said the key message was not that PNG lacked the energy resources to drive growth but how the resources were developed and how soon.