Kumul Petroleum presents specialist medical equipment to Cardiac Intensive Care Unit

by PNG Business News - July 15, 2021

On 19 August 2020, Kumul Petroleum Holdings Limited (Kumul Petroleum) signed an MOA with the Ministry of Health and Port Moresby General Hospital to support the improvement of the Port Moresby General Hospital National Heart Centre.

Nine months later, Kumul Petroleum follows through on this commitment with the presentation of the first set of specialist medical equipment to the value of K656, 505 to the Cardiac Intensive Care Unit of the Port Moresby General Hospital.

Managing Director of Kumul Petroleum Wapu Sonk said the specialist equipment, purchased by the organisation with consultation by specialist doctors at Port Moresby General Hospital’s Cardiac Intensive Care Unit will support the treatment of Papua New Guinean’s who suffer from heart disease and other lifestyle diseases that result in heart attacks.

According to Dr Paki Molumi, Chief Executive Officer of Port Moresby General Hospital as of beginning of 2000 the Internal Medicine hospital admission data beginning to showed significant shift from predominantly Infectious Diseases to almost equal with Life Style Disease. And these Life Style Disease includes Hypertension, Cholesterol, COPD or Chronic Obstructive Air ways Disease, Diabetics, Kidney Disease, Cancer, CVA-Stroke and Coronary Artery Disease.

Hypertension will associated with high cholesterol, Diabetic and they result in either Heart Attacks (CAD), CVA-Stroke or Kidney Disease, so the patients have more than one of these disease together.

“The three years hospital admission statistics is quiet obvious that though TB and HIV maybe still the leading causes of hospital admission there is truly huge surge in Life Style Disease to almost equal in hospital admission. Therefore the Port Moresby Cardiac Services both “ Non-Invasive and Invasive is a really a big need for every Papua New Guinean.”

To bolster its efforts in managing the multi-million kina project with the Ministry of Health and respective specialist centres including ANGAU Cancer Services, Kumul Petroleum has established a charitable arm, the Kumul Petroleum Foundation to oversee the projects to its fulfilment.

Chief Executive Officer of Kumul Petroleum Foundation William Bando who was present at the presentation acknowledged the need for specialist healthcare to receive equipment that will address the growing need for attention to cardiac intensive care.

On this occasion, Kumul Petroleum acknowledged the leadership of health workers to ensure that they continue to serve the health needs of communities and said that this initiative is a part of the greater contribution by Kumul Petroleum to support the health sector combat and contain the threat of COVID-19 by ensuring that there are specialist equipment at major hospitals in the country.

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PNG Business News - May 03, 2021

Kumul Petroleum Holdings Seeking Funds from Abroad

According to managing director Wapu Sonk, Kumul Petroleum Holdings Ltd (KPHL) will seek funding from abroad to build gas fields in the Kimu, Barikewa, and Uramu in Kikori, Gulf. He stated that funding would be determined by the form of construction chosen by the group. Sonk was answering questions two weeks after KPHL received the petroleum retention licenses (PRL) 48, 49, and 50, which included the gas fields of Kimu, Barikewa, and Uramu. “As a good business practice, KPHL will look to invite potential investment partners into the licences to share the risk and then develop the fields together,” he said. “Again, the economics of the type of development option drives who join as partners to KPHL. “There are no other State-owned enterprises (SOEs) in oil and gas business except Kumul Petroleum so we will source funding from overseas mostly from different sources depending on size and type of development. “The potential partners that join KPHL will also bring the capital, which is a pre-requisite to the partnership for development.” Those licenses, previously 8, 9, and 10, were owned by Oil Search Ltd, Santos, and other operators, according to Sonk during the handover of the license earlier this month. “They held the licences for 15 years which is the maximum amount of time you can hold on to a licence under the ‘retention licence’ provisions in the Oil and Gas Act,” he said. “Once it expired, the licence goes back to the Department of Petroleum. “The department put out a Gazette notice which is like advertising that the licences had become available, that’s when other interested parties apply. “We don’t know who applied at that stage, but we applied at that time and was awarded the licences.” KPHL was among those who asked for the licenses before they expired, according to Petroleum Minister Kerenga Kua. He explained that the petroleum advisory board made suggestions to the government, which approved and signed off on the licenses to KPHL after thorough deliberation and consideration. Kimu and Barikewa areas are onshore, while Uramu is offshore in Kikori's deeper waters. The three fields are expected to have a 2C reserve of slightly more than 2TCF (trillion cubic feet) of gas and 50-60 million barrels of condensate.

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