Sonk outlines KPHL’s ‘tough’ role in PNG

KUMUL Petroleum Holdings Limited is unique in its operations due to its “fiscal environment” compared to other global national oil companies, says managing director Wapu Sonk.
Speaking at the Petroleum and Energy Summit in Port Moresby yesterday, Sonk described the State-owned entity as having a unique position in the commercial environment it operated in.
“Kumul Petroleum trying to behave like a national oil company (NOC) in the fiscal environment that we have is a tough one,” Sonk said.
“Kumul Petroleum is a pretty unique NOC in itself and not typical where you would find production sharing fiscal environment of the likes of Petromina and Petronas.
“It is different from Kumul Petroleum because we don’t control all the licences as the Department of Petroleum and Energy controls the licences.
“We are just alike any other oil and gas company where we compete for the gas on a commercial basis while also being state-owned.
“We are finding our way through in creating that unique position that we have and taking advantage of our partners and stakeholders, and building something different in the environment that we operate from.”
Sonk was responding to a question about how KPHL would broaden its scope of authority like other oil companies.