Sonk hails firms after merger

Business

KUMUL Petroleum Holdings Ltd has congratulated Santos Ltd and Oil Search Ltd on their successful merger.
Managing director Wapu Sonk, on behalf of the board and trustee shareholder, Prime Minister James Marape and the people of PNG, congratulated both industry leaders for a smooth and successful merger.
He said the merger which saw Australian company Santos pursue a greater role along with Kumul Petroleum, Total SA and ExxonMobil in various oil and gas development projects in the country showed that investor confidence in the sector was good.
Sonk said Oil Search had remained focused on oil and gas development in the country after Chevron creating positive values and contributing to nation building.
“As direct beneficiaries of Oil Search in the early stages as a former employee, and now partners in various projects, I would like to farewell a name that was synonymous with oil and gas in the country for over 30 years.
“Without Oil Search, we couldn’t see some of those major development changes in the country through both direct and indirect investment such as tax credit schemes, direct cash injection through corporate tax, employee tax, employment opportunities and many other positive impacts through corporate social responsibility programmes.”