The National Petroleum Company (NPCP) is prepared to take on its new commercial identity – Kumul Petroleum Holdings Ltd, managing director Wapu Sonk says.
This follows the passing of the Kumul Petroleum Bill last week in Parliament.
He said it was a reaffirmation of the role that NPCP was already performing.
“We have been working tirelessly to reach this point where Parliament clearly defined the role of the company so there is no longer any confusion over who is the nominee for all future oil and gas developments in PNG,” he said.
“When this Act finally becomes law, it will give certainty to potential investors and other stakeholders that Kumul Petroleum Holdings will be the nominee for the State’s prescribed equity.
“PNG needs a robust institution to manage this important responsibility. NPCP has been building its capacity over the last 18 months ready to meet this challenge and fulfil our mandate to maximum value of this equity for the Government and people of Papua New Guinea.”
Sonk praised the Government’s foresight in creating the Kumul Petroleum Holdings, Kumul Mining Holdings and Kumul Consolidated Holdings as part of the Kumul Consolidated Agenda.
He said the Kumul companies would be streamlined and aligned with their core business, stronger and consolidated balance sheets and be commercially driven.