The National, Monday November 16th, 2015
By SHIRLEY MAULUDU
THE 10 per cent interest which PNG Petromin Holdings Limited, to be known as Kumul Minerals Holdings Limited, has in the Pasca Field in Gulf, may be transferred to Kumul Petroleum Holdings Limited, an official says.
Kumul Petroleum Holdings Limited managing director Wapu Sonk confirmed this when questioned by The National on whether interest in the field would be affected given the legislative changes.
The initial 10 per cent interest in the field as per the joint venture agreement between the State entity and project operator Twinza Oil Ltd, would be added to the standard 22.5 per cent interest which the State has in oil and gas projects, as per the Oil and Gas Act 1998.
“Kumul Minerals (formerly Petromin) already had 10 per cent in that license prior to Kumul Consolidation Agenda and Kumul Petroleum Legislation. So if the Government approves the development of the field, that 10 per cent plus the usual 22.5 per cent will be held by Kumul Petroleum as per the new Kumul Petroleum Holdings Authorisation Act that gives all rights in oil and gas business to Kumul Petroleum,” Sonk said.
He said the entities were currently working on the transfer.
“We are currently working on the administrative matters to effect all asset transfer from Kumul Minerals.”
The Pasca field, 95 kilometers off Gulf, would be drilled by Twinza for oil and gas condensate.
Twinza’s senior project engineer Eric Kowa had said the offshore project could begin in 2018.
The project’s value is between US$300 million (K861.8m) and US$500 (K1.4 billion).
“In April this year, Twinza submitted a notice of discovery over Pasca. It’s a certified resource, just under 100 mmboe (million barrels of oil equivalent),” Kawa said.