Minister for Petroleum Jimmy Maladina has commended the new Board of Kumul Petroleum Holdings Limited (KPHL), led by Chairman Gerea Aopi, following the successful signing of the Papua LNG Joint Equity Marketing Agreement with project operator TotalEnergies.
Mr Maladina said the signing marked a significant breakthrough for the Papua LNG Project and underscores the strong cooperation between the State and its development partners.
“This signing represents a critical milestone for the Papua LNG Project. It demonstrates renewed commitment by both KPHL and TotalEnergies to advance the project towards the Final Investment Decision. The Agreement, which had been pending for over a year, now clears a key hurdle in progressing the development phase,” Minister Maladina said.
He praised the leadership of the new KPHL Board for its decisive action in moving the project forward and acknowledged TotalEnergies for its continued support and partnership.
“I acknowledge the tireless efforts of TotalEnergies management teams in Singapore and Port Moresby. Their professionalism and cooperation have been instrumental in bringing the project to this stage,” the Minister said.
Mr Maladina noted that the signing of the Agreement boosts investor confidence and signifies that the Papua LNG Project is now advancing toward its development phase.
“This achievement gives confidence that the Papua LNG Project is entering its development phase. The Government welcomes this progress as it will pave the way for greater investment, employment, and long-term benefits for Papua New Guinea,” he said.