Kumul Petroleum (KPHL) has backed PNG’s future with a major final dividend payment to the nation’s Government.
KPHL managing director Wapu Sonk handed over a cheque of K150 million ($60.3 million) to PNG’s Minister for State Enterprises William Duma as final dividend payment for the year.
“This is the final payment for 2024, a year in which we have paid a total of K300 million in dividends,” Sonk said.
“Since the start of the PNG LNG project exports in 2014, Kumul Petroleum has paid a total of K3.2 billion in dividends to the state.”
Sonk emphasised that in addition to these dividends, KPHL has paid PNG more than K1.1 billion (442.3 million) in return of capital.
This is part of the payment of the Kroton equity on behalf of impacted landowners and provincial governments under the vendor finance loan agreement signed between KPHL and beneficiaries in December 2016.
Sonk also noted that aside from direct dividend and return of capital payments, KPHL has spent millions of Kina on health, education, rural electrification and other infrastructure projects.
“Kumul Petroleum is actively managing its four petroleum retention licences, carrying out work that will make these more attractive to investors, so currently stranded gas fields can be aggregated and commercialised,” he said.
“This expenditure will pay dividends in future years.”
Apart from its ongoing commitments, Sonk said KPHL is also preparing to participate actively in the forthcoming Papua and P’nyang LNG projects, where it intends to take up its full mandated equity of 22.5 per cent.
“We will have the necessary financial position and balance sheet to participate, which includes paying the two per cent free carry interest for landowners and provincial governments,” he said.
“Kumul Petroleum is thankful for the support received from Prime Minister James Marape, Minister Duma, past and present petroleum ministers and other key Government agencies that will enable us to continue to develop and expand our activities to fully exploit PNG’s advantageous position as a key energy supplier to the Asian market.”
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