NATIONAL PETROLEUM COMPANY TAGGED AT K20 BILLION

New Board Members sworn in. Photo credit EMTV

The country’s re-established, National Petroleum Company PNG is tagged at a value of twenty billion kina entity and that’s not the end.

This was announced at the swearing in ceremony of the board members of the company in Port Moresby last Friday.

Formerly known as Kroton, it will manage the country’s sixteen point five seven per cent (16.57%) equity in the LNG project.

This company was nominated in 2009 to manage the state’s equity in all petroleum projects, more on the LNG project.

With a name change from Kroton to the National Petroleum Company PNG in 2010, State Enterprise Minister Ben Micah said he wants to see this company made into a multi-billion kina company to be owned by landowners.

He believes this company will play an important role to put PNG on the world map.

Minister Micah says the company is now valued at twenty billion kina and urged the new board to recognize the value of petroleum resources in PNG before striking deals with international companies.

Apart from managing the state’s equity of sixteen point five seven per cent (16.57%) in the PNG LNG project, the company is expected to take over the management of all state equities of other oil and gas projects.

Acting NPCP Managing Director, Wapu Sonk says at present, the state only owns eleven point five per cent (11.5%) equity in the Moran Oil project in Southern Highlands while its equities in the Kutubu and Gobe projects were traded with IPIC to pay for the state’s share in the LNG project.

This eleven point five per cent (11.5%) equity is being managed by Eda Oil through Petromin.

Newly sworn in board chairman, Frank Kramer said if this company is built into a prosperous petroleum company and if allowed to grow, it will be the leader in the hydrocarbon industry in PNG.

NPCP is hundred per cent PNG owned.

EMTV