The 2024 Petroleum and Energy Conference,

06/11/2024

We are happy to announce that we recently closed an agreement with American energy company Chevron USA Inc (Singapore Branch).

Under the agreement, Chevron will make an advance payment to Kumul Petroleum, in exchange for LNG and condensate cargoes over the next two years. Since the introduction of equity marketing at the start of 2024, KPHL has sold 4 LNG cargoes on the spot market and this term-sale will provide more security for KPHL.

KPHL managing director, Wapu Sonk said, “Following an extensive bid process with major trading, utility and other entities to source funding, we selected Chevron’s forward sales agreement.”

“We appreciate Chevron being able to finalise this deal. This agreement advances PNG’s hydrocarbon business, where we believe there is significant potential in LNG and related energy businesses, including carbon offset possibilities,” said Sonk. “We look forward to working with Chevron in the future.”

04/11/2024

We are pleased to announce that we have just finalised our acquisition of additional equity in the PNG LNG Project from Santos Limited.

KPHL’s shareholding in the PNG LNG Project has now increased to 19.2%, including the 4.27% Kroton Equity Option shareholding, held for beneficiaries which are impacted provincial governments and landowner groups.

KPHL managing director Wapu Sonk explains, “Under our agreement with Santos we made a part payment of US$352 million earlier this year, with the balance to be paid by December 2024, and we have just completed this share acquisition, well before the end of the year.”

To read more, go to https://shorturl.at/dRVi2

26/10/2024

Thank you to our bronze sponsors

25/10/2024

PETROELUM Minister Jimmy Maladina yesterday confirmed the formal approval of Petronas acquisition of 50 per cent farm-in to TotalEnergies EP PNG Ltd Mailu petroleum prospect license (PPL) 576.

25/10/2024

Kumul Consolidated Holdings has received a dividend of K27.5 million from PNG Ports Corporation Limited (PNG Ports) for the fiscal year 2023. The dividend was made after PNG Ports declared a net operating profit after tax (NOPAT) of K110 million last year.

25/10/2024

THERE are a lot of challenges in the fuel space in terms of supply in the country especially with petroleum products, says Arafura Energies chief executive officer Gedion Karali.

25/10/2024

SANTOS country chair Leon Buskens said the company is continuing to grow its local landowner companies (LANCOS) who directly employ 2382 people.

25/10/2024

Thanks to our Silver Sponsors

24/10/2024

Thank you to our Gold Sponsors!

20/10/2024

The 2024 Petroleum and Energy Conference
17th -18th, Hilton Hotel - Photo Highlights

19/10/2024

session 7 - Service Providers in Renewable resources

19/10/2024

Session 6 - Electrification in PNG

18/10/2024

18/10/2024

The 2024 Petroleum and Energy Conference has concluded with an address by the Prime Minister, Hon James Marape.
The Prime Minister provided his summary observations of the two-day conference and how this relates to the petroleum and energy sector in PNG.
Attended by more than 500 delegates from Papua New Guinea and around the world, PEC24 is the most successful in the 12 year history of the event.
Prime Minister Marape thanked all delegates for the attendance and participation, particularly those who had travelled from overseas to visit PNG.