PNG’s State-owned oil company Kumul Petroleum Holdings Limited (KPHL) has completed the acquisition of Eda Oil Limited as part of a programme to clean up the ownership of a number of PNG Government controlled assets.
KPHL is mandated as the sole nominee of the State to acquire, hold and manage the State’s oil and gas interests and assets in PNG and to carry on business as any other commercial entity in the oil and gas sector would.
Eda Oil, which has been owned by another Government entity, Petromin, holds a 20.5% interests in PDL5 and an 11.275% interest in the Moran Unit Facilities under the Moran Unit Operating Agreement which also provides them with a 0.203709% interests in the PNG LNG Project from its share of the PDL5 gas contributed under the unitised PNG LNG Project.
KPHL managing director Wapu Sonk said the transfer of Petromin’s oil and gas interests is in line with the State’s agenda to consolidate, manage and grow the long term value of its mineral and petroleum related investments as well as other utility businesses interests.
He said the Eda Oil transfer agreement marks the last step and is a milestone in the Government’s Kumul Consolidation Agenda Policy.