Kumul Petroleum Holdings Limited has announced an upcoming change in board leadership, with chairman Gerea Aopi, MBE, set to hand over the role to fellow director Isaac Lupari, CBE GCL, effective May 19.
The transition follows requirements under the Kumul Petroleum Holdings Limited Act, which mandates the retirement of directors upon reaching the age of 72. Aopi will reach the retirement age milestone on May 18 and has formally advised trustee-shareholder Prime Minister James Marape of his decision to step down.
Kumul Petroleum said the leadership transition process between the two directors had been underway since mid-April to ensure continuity and a smooth handover.
Aopi said it had been a privilege to serve as chairman during what he described as a challenging period for the national oil and gas company.
“Since taking office in the last quarter of 2025, my fellow directors and I have made strong progress — we have implemented strict cost containment and strengthened financial controls, refocused capital investment on core petroleum assets, restored governance, signed off on the 2022 audited accounts and advanced major projects,” Aopi said.
“KPHL has been stabilised due to the resolve and commitment of the current board. However, the work is far from finished, and I am certain that Mr Lupari will continue to progress the initiatives that we have started.”
Lupari acknowledged Aopi’s contribution to the company, saying his extensive experience in the petroleum industry had played a significant role in the organisation’s ongoing reforms and restructuring efforts.
“Gerea’s vast experience and knowledge in the petroleum industry has contributed significantly to the ongoing organisational changes, and the board thanks him for his leadership,” Lupari said.
He also thanked Prime Minister Marape for appointing him to the board and expressing confidence in his leadership.
Lupari said Kumul Petroleum had received another clean audit opinion for 2022, extending the company’s record of unqualified audits since its establishment in 2014.
“This is good news for Kumul Petroleum at this critical time when our main focus is preparing to take up equity in the forthcoming Papua LNG Project,” he said.
Both directors said completion of the 2022 audit would help accelerate the finalisation of the company’s 2023 and 2024 audits before the end of the year.
Lupari said Kumul Petroleum remained committed to working closely with the government, industry partners and financiers to support sustainable growth and national development objectives.
Kumul Petroleum acting managing director Dr Luke Liria thanked Aopi for his leadership over the past eight months, particularly his focus on governance and organisational integrity.
“Chairman Aopi prioritised both general and project governance, ensuring our operations are conducted with the utmost integrity and transparency,” Liria said.
“We welcome Mr Lupari, who brings many years of experience in the government sector. I look forward to continuing with Ambassador Lupari to grow and expand KPHL as a reputable national oil company in the nation and the region.”
Kumul Petroleum said it remained focused on supporting the development of Papua New Guinea’s natural resources sector while contributing to national socio-economic development through its projects and investments.
