The Papua New Guinea Chamber of Resources and Energy (PNG CORE) has congratulated Kumul Petroleum Holdings Ltd (KPHL) on contributing more than K1 billion to the state in 2026, following the presentation of a K400 million interim dividend.
KPHL presented the dividend to the government on 20 October, bringing its total contribution for the year to K1 billion, providing additional revenue for the national budget.
PNG CORE executive director Richard Kassman said the payment reflected high global commodity prices and the management of the country's interests in petroleum projects, including the Papua New Guinea liquefied natural gas (PNG LNG) project.
He said the significance of the contribution extended beyond the headline figure, with the benefits depending on how petroleum revenues were translated into economic opportunities and improvements in people's lives.
“Revenue returned to the state strengthens its capacity to fund essential services and invest in development priorities, including support for healthcare, education, roads and other critical infrastructure,” Kassman said.
He added that stronger fiscal stability would help the government respond to the looming effects of El Niño.
PNG CORE also encouraged KPHL to maintain sound corporate governance and prudent management of its equity interests on behalf of the state and the people of Papua New Guinea.
The chamber called for continued collaboration between the government and industry, saying KPHL had a role in promoting the country as an investment destination.
Kassman said the company would have an opportunity to showcase its contribution to sustainable returns and long-term national development at the upcoming PNG Investment Week in Sydney.
He said the focus should remain on ensuring petroleum revenues delivered lasting benefits for current and future generations of Papua New Guineans.
