KCH was given the mandate by the National Executive Council in October 2008 to be the State’s nominee with respect to the PNG Government’s equity interest in the PNG LNG (Liquefied Natural Gas) Project. KCH established Kroton No.2 Limited as a special purpose organisation through which the State’s participation has been effected. The Kroton No.2 name was changed in November 2010 to National Petroleum Company of PNG Limited. NPCP holds a 16.57% participating equity interest in the PNG LNG Project.
In 2011, under NEC Decision No. 105/2011, the company NPCP was restructured and made to become a business unit of KCH and the company itself retained as a shelf company. However, on 30th January, 2013 under its Decision No. 18/2013, the NEC rescinded the previous NEC Decision No. 105/2011, and directed that NPCP be revived and its full functions be restored. The Decision further approved the appointment of the Board and the Managing Director and employment of the NPCP staff as well as directing KCH to finance its capacity building and annual plans.
The NEC Decision directed NPCP to hold and develop the PNGLNG Project interest as well as to work with the government of the day to consolidate all of States petroleum assets and interests into NPCP. Since then, NPCP has been proactively promoting and implementing the NEC Decision with the desire to achieve the government’s directives.
NPCP’s goal is to be considered as Papua New Guinea’s National Petroleum Company solely responsible for developing and producing all the country’s petroleum assets either on its own or with other strategic development partners in the long term.
Learn More: http://www.npcp.com
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