Kumul Petroleum Holdings Limited, or KPHL, has launched a renewed push to strengthen governance, transparency and accountability across its operations following a strategic alignment workshop that brought together the company's board, senior executives and technical managers in Port Moresby.
The workshop, held at the Grand Papua Hotel, coincided with the transition of board leadership from former chairman Gerea Aopi to incoming chairman Isaac Lupari and focused on reinforcing internal coordination and establishing a common direction for the State-owned petroleum company's future growth.
Lupari said the workshop was designed to reset operational priorities, build a shared understanding of KPHL's current position and strengthen working relationships across the organisation.
"The purpose is not to prejudge any matter, but to build a stronger institutional foundation for KPHL going forward," Lupari said.
"Our immediate priority is to restore, strengthen and institutionalise governance frameworks across all key areas of KPHL's operations, including investment approvals, financial disbursements, procurement, financial delegation, marketing, and community and stakeholder support protocols. Transparency and accountability must be embedded in the way KPHL operates."
The workshop enabled directors and management to review the company's operational, financial, investment and governance priorities and identify areas requiring closer oversight as part of KPHL's forward work programme.
According to the company, discussions covered KPHL's existing asset portfolio, project performance, ongoing initiatives and future development opportunities.
Projects reviewed included the Motukea Fuel Facility, the Fabrication and Training Facility, Special Economic Zone infrastructure at Caution Bay, seismic exploration programmes and development options for both onshore and offshore petroleum licences.
Lupari said strong governance and disciplined investment management were essential given KPHL's role in managing petroleum interests on behalf of the State and the people of Papua New Guinea.
"Strong governance, clear internal controls, disciplined investment decision-making and transparent reporting are essential to maintaining public confidence and ensuring that national petroleum assets are managed responsibly," he said.
The workshop also examined procurement, project delivery and governance processes, with participants seeking to strengthen internal controls, clarify responsibilities and ensure future decisions comply with applicable laws, delegated authorities and recognised corporate governance standards.
KPHL said the discussions reflected the company's recognition of its public mandate as Papua New Guinea's national petroleum and energy company and its responsibility to protect and enhance the value of national energy assets.
The board further emphasised the importance of clear and responsible public communication, noting that stakeholder engagement and disclosure practices should support confidence in the company while avoiding unnecessary speculation.
Lupari said the company was focused on building a stronger institution capable of protecting public wealth, maximising asset value and supporting national development.
Following the workshop, the board and management are expected to develop a strategic roadmap focused on commercial viability, disciplined investment management, strengthened internal controls, improved reporting systems and the responsible development of petroleum opportunities.
KPHL said it would continue consulting with key State stakeholders, including the Trustee and the Minister Delegate, to ensure alignment with government expectations and maintain accountability to the people of Papua New Guinea.
