Petroleum summit attracts investors

Business

MORE than 600 delegates attended the third PNG Petroleum and Energy Summit in Port Moresby for the past three days.
Kumul Petroleum Holdings Ltd managing director Wapu Sonk says increase in number of delegates and sponsors is the result of level of interest of investors in the industry.
Sonk said the last summit had 33 booths set up while this year had 48.
“This already is showing that the conference is now shaping up to be one of the biggest that we hosted,” he said.
Sonk said the summit was specifically for petroleum and energy.
The first day was for petroleum and second day for energy.
Today, the third day, is for site visits.
The summit discussed policy matters, project development matters and basically collaborated and brought industry players into one location.
“In the energy sector, we are already starting with gas-fired power supply in Port Moresby through Niu Power,” Sonk said.
“There are also other projects which are already under construction as well, to use gas to supply clean, cheap and reliable power into Port Moresby.
“This is the first of its kind since we started exporting LNG in 2014.
“We are already seeing the benefit of the projects that we have built.
“We are trying to create a platform so we can talk about solar, geothermal, biomass and all the different renewable energy forms that we can use to supply electricity to the general population around the country.
“It’s not only for Port Moresby, but we also trying to find solutions for other parts of the country.”
Sonk said a specific petroleum and energy summit was set up to discuss different innovation technique to apply as technology improved and different solutions.
“We collaborate with all the international partners and work with them to find solutions for our people,” he said.
The summit has seen important announcements made by Government, project developers and partners.
The summit ends today with the delegates’ field trip to project sites.

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