A cheque of K150million was handed over the State-Owned Enterprises (SOE) Minister Willam Duma on Thursday by the Kumul Petroleum Holdings Limited (KPHL) Managing Director Mr. Wapu Sonk, the cheque was the final dividend payment for the year 2024. Before handing the cheque over to the State Own Minister, Mr. Sonk said this year 2024 was a tough year financially for KPHL, as they had to meet the PNG LNG Projects JV Cash calls associated with the finalisations of the connection of the Angora Field, raising the finance necessary to acquire an additional 2.6% in the PNG LNG Project and assisting the Government and the nation by importing fuel when the country was facing fuel crisis early this year. Despite all the additional projects taken up this year, KPHL was happy to make the K150 million dividend payment, that is in line with their 2024 Annual Operating plan. “This is the final payment for 2024, a year in which we have paid a total of K300 million dividends since the start of the PNG LNG Project exports in 2014, KPHL has paid a total of K3.2 billion in dividends to the state.” “In addition to the payment of dividends since 2014, KPHL has paid the State more than K1.1 billion in return of capital, which is part payment of the Kroton equity on behalf of impacted landowners and provincial governments under the vendor finance loan agreement signed between KPHL and the beneficiaries in December 2016.” Mr. Sonk further stated that aside from the direct dividends and return of capital payments, KPHL has spent millions of kina on health, education, rural electrification and other infrastructure projects, including helping the Government deliver sports outcomes, such as the latest one being the NRL license for the PNG franchise to enter the Australian NRL Competition in 2028. “Kumul Petroleum is actively managing its four petroleum retention licenses, carrying out work that will make these more attractive to investors, so currently stranded gas fields can be aggregated and commercialized” “This expenditure will pay dividends in future years”, said Mr. Sonk. Mr. Sonk further added KPHL is also actively working with the JV partners, Exxon Mobil, Santos and Total Energies to further petroleum development projects like Angore, well drilling in Hides,Muruk,Juha and P’nyang. “Apart from its ongoing commitments, KPHL is also preparing to participate actively in the forthcoming Papua and P’nyang LNG projects, where we intend to take up our full mandated equity of 22.5%.” “We will have the necessary financial position and balance sheet to participate, which includes paying the 2% free carry interest for landowners and provincial governments,” he added. “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.”