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Fuel company focuses on gas

The National Petroleum Company of Papua New Guinea (NPCP), the third largest shareholder of the world class Papua New Guinea Liquefied Natural Gas project (PNG LNG) is estimated to be valued at US$8 billion to US$9 billion if it is listed on an international stock exchange on pricing basis. NPCP, which holds the State’s share in the PNG LNG project, owns 16.6% behind Oil Search which holds 29% and the operator, ExxonMobil which holds 33.3%.

The project is expected to produce more than 210 million metric tonnes of gas over its estimated 30 years of operation. NPCP chairman Frank Kramer said that the net worth of the company depends on how they value the entity.

Kramer said the important thing is that it represents true value for its seven million plus Papua New Guinean shareholders. He said NPCP has huge potential to grow if it is managed properly and it gets appropriate support as custodian of the project. NPCP managing director Wapu Sonk said US$50million worth of gas has been sent to Asian markets in seven shipments so far, five in June and two in July. “By the end of the year we are expecting about 60 shipments to overseas markets,” he said. The marketing destinations are Japan, China and Taiwan.

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