Co-venturers
ExxonMobil affiliates have been in Papua New Guinea since the 1920s. As well as being responsible for the construction and operation of the US$19 billion PNG LNG Project (33.2 percent interest) we have interests in fuels marketing, oil production and exploration. Learn more about our history in PNG
Kumul Petroleum Holdings Limited (formerly NPCP Holdings Limited) is a company incorporated under the laws of Papua New Guinea with all of its issued shares beneficially owned by the Independent State of Papua New Guinea through Kumul Consolidated Holdings (KCH) (formerly, Independent Public Business Corporation of PNG).
Kumul Petroleum Holdings Limited through its wholly owned subsidiary Kumul Petroleum (Kroton) Limited holds the State’s equity interest in the PNG LNG Project.
KCH was given the mandate by the National Executive Council in October 2008 to be the State’s nominee with respect to the State’s equity interest in the PNG LNG Project. KCH established Kroton No. 2 Ltd as a special purpose vehicle through which the State’s participation was effected. The Kroton No.2 Limited name was changed in November 2010 to National Petroleum Company of PNG (Kroton) Limited. In December 2014, all the issued shares in National Petroleum Company of PNG (Kroton) Limited were transferred to Kumul Petroleum Holdings Limited. In September 2015, the National Petroleum Company of PNG (Kroton) Limited name was changed to Kumul Petroleum (PNG LNG) Limited and subsequently changed in January 2016 to Kumul Petroleum (Kroton) Limited. Kumul Petroleum holds a 19.4 percent participating equity interest in the PNG LNG Project, making Kumul Petroleum the third largest participant in the Project.
Santos Limited has been an Australian energy pioneer since 1954 and is one of Australia’s leading gas producers, supplying Australian and Asian customers. Santos has also developed major oil and liquids businesses in Australia with interests and operations in every major Australian petroleum province, as well as in PNG and numerous other countries. Today it is one of the largest producers of natural gas for the Australian domestic market. The company commenced oil and gas exploration and production in Papua New Guinea in the late 1980s. Following the merger with Oil Search Limited (OSL), Santos Limited has a 39.9 percent interest in the PNG LNG Project.
JX Nippon Oil & Gas Exploration Corporation, a 100 percent subsidiary of ENEOS Holdings, Inc., is exploring for, developing and producing oil and gas, with activities in Southeast Asia, the Gulf of Mexico, Middle East and PNG. ENEOS Corporation is Japan’s largest integrated oil company and is a major oil importer and distributor of petroleum products. JX Nippon Oil & Gas Exploration has been involved in the oil exploration and development projects at Kutubu and Moran as well as other oil fields in PNG since the early 1990s. JX Nippon Oil & Gas Exploration has a 4.7 percent interest in the PNG LNG Project.
Mineral Resources Development Company Limited (MRDC) is a 100 percent State-owned company. It was incorporated in 1975 under the Companies Act and was initially appointed as State Nominee to acquire State and landowner equity interests in mining and petroleum projects. However, with changes in recent years, MRDC now concentrates entirely on landowner equity interests in both mining and petroleum projects. Projects in which MRDC-managed landowner entities hold an interest include the Kutubu, Gobe and Moran oil developments as well as the OK Tedi gold mine and the Ramu nickel joint venture. Petroleum Resources Kutubu Limited and Petroleum Resources Gobe Limited each hold direct interests in the Project and are both 100 percent owned subsidiaries of MRDC which holds these interests as a corporate trustee in trust for the Kutubu and Gobe landowners. MRDC Exploration has a 2.8 percent interest in the PNG LNG Project.