On the sidelines of the 2024 Petroleum & Energy Conference today, Kumul Petroleum Holdings Limited Managing director, Wapu Sonk signed a Pre-Front-End Engineering & Development (FEED) contract for a Floating LNG (FLNG) facility in the Gulf of Papua, in PNG.
Mr Sonk announced that this important contract had been awarded to Shanghai Wison Offshore & Marine Company Ltd. Mr Damien Nguyen, the Chief Technical Officer (CTO), who signed on behalf of the company said Wison is delighted to work closely with Kumul Petroleum in its ambitious plan to commercialise gas fields in Papua New Guinea.
“Kumul Petroleum Holdings Limited has for some time been investigating how to commercialise stranded gas resources, particularly those in our Petroleum Retention Licenses (PRLs 47 &50) over the Pandora and Uramu gas fields, offshore of Gulf Province,”
“This is a critical step and in the right direction, one we are extremely excited about as the National Petroleum Company,” Mr Sonk said.
“KPHL has evaluated these gas discoveries and completed reserve certification, which has given us confidence to move to this stage of the commercialisation plan.”
“KPHL is 100% license holder of the two PRL offshore licenses at the moment and intends to farm down post this study to interested partners who see value in the 1.5mtpa FLNG project in PNG.”
“This pre-FEED study is a necessary step to ensure that we understand the full scope, cost, schedule, risk and the full economic value before making a decision on moving to FEED and Final Investment Decision. The pre-FEED study is expected to take 8-12 months, leading to entry of FEED thereafter, and FID sometime in 2026 or 2027.
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