Kumul Petroleum Holdings Limited, Hevehe Petroleum Limited and Twinza Oil (PNG) Limited have signed a Memorandum of Understanding (MoU) to jointly investigate gas aggregation opportunities in the Gulf of Papua.
The MoU provides a framework for the three companies to undertake joint studies and evaluations on the technical and commercial feasibility of aggregating gas from discovered and prospective gas assets in the wider Gulf of Papua. The initiative will assess options for domestic gas supply and/or export through shared infrastructure, with the aim of improving efficiency and lowering development costs.
Speaking at the signing, Luke Liria, Acting Managing Director of Kumul Petroleum Holdings Limited, said the partnership aligns with the company’s national mandate.
“Kumul Petroleum, as the national petroleum and energy company, looks forward to partnering with MRDC and Twinza to explore pathways that could accelerate the development of Papua New Guinea’s offshore gas resources and contribute to the national economy,” Mr Liria said.
Augustine S. Mano, CBE, Managing Director and CEO of the Mineral Resources Development Company (MRDC), said the MoU represents an important milestone for MRDC and its subsidiary Hevehe Petroleum Limited.
“Landowners and provincial governments hold 50 percent of the Pasca A Project through Hevehe, and this agreement gives real value to their participation. By working with Kumul Petroleum and Twinza, we can explore more efficient and lower-cost ways to develop gas in the Gulf of Papua, leading to improved returns for our landowners and communities,” Mr Mano said.
He added that MRDC is committed to applying its experience to support the partnership and deliver long-term benefits for Papua New Guineans.
Stephen Quantrill, Executive Chairman of Twinza Oil (PNG) Limited, described the MoU as a significant step toward unlocking the offshore oil and gas potential of the Gulf of Papua.
“By assessing the aggregation of resources from multiple discovered and prospective fields, we can evaluate shared infrastructure that enhances commercial viability for both domestic use and export. This collaboration allows us to pursue strategic growth and create a scalable, efficient energy platform for the benefit of our partners and the people of Papua New Guinea,” Mr Quantrill said.
He noted that as operator of Papua New Guinea’s first offshore oil and gas development, the Pasca Project, Twinza is pleased to work alongside its joint-venture partner MRDC and the national oil company in advancing offshore gas development.
The parties say the joint studies under the MoU will help inform future decisions on developing gas resources in the Gulf of Papua, with a focus on maximising national benefits and supporting sustainable economic growth.