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Daya Materials exploring Papua New Guinea tie-up

Author: Posttime:2018-02-09 19:56:12

 Malaysia-based integrated oil and gas services company Daya Materials is expanding into Papua New Guinea with an agreement to explore setting up a joint venture (JV) for the provision of services for oil and gas (O&G) projects there.

The company said in a stock market announcement that the JV would provide services such as exploration, development, production and decommissioning, and products to Kumul Petroleum Holdings for oil and gas projects in Papua New Guinea.
Kumul Petroleum was made Papua New Guinea’s national O&G company in 2015. The JV would also jointly participate in O&G projects.
The MOU is valid for twelve months unless terminated by mutual consent or projects are not awarded to Kumul or Daya or both or the projects are cancelled.
According to its website, Kumul is currently responsible for managing the country’s 16.57% stake in the $19bn PNG LNG Project. Papua New Guinea is also believed to have large O&G resources.


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