American energy company Chevron USA Inc will make an advance payment to Kumul Petroleum Holdings Limited (KPHL), in exchange for LNG and condensate cargoes over the next two years. This was achieved when Chevron (Singapore Branch) and KPHL closed an agreement just recently. Since the introduction of equity marketing at the start of 2024, KPHL has sold 4 LNG cargoes on the spot market and this term- sale will provide more security for KPHL. KPHL Managing Director, Mr. Wapu Sonk said KPHL selected Chevron’s forward sales agreement, following an extensive bid process with major trading, utility and other entities to source funding. “We appreciate Chevron being able to finalise this deal,” said Mr. Sonk. “This agreement advances PNG’s hydrocarbon business, where we believe there is significant potential in LNG and related energy businesses, including carbon offset possibilities. We look forward to working with Chevron in the future.” Meantime, Mr. Sonk said this agreement will further as well Kumul Petroleum’s goal of acquiring additional equity in the PNG LNG Project, which he said KPHL made a partial payment to Santos earlier this year in relation to acquisition of an additional 2.6% in the PNG LNG project, with the balance to be paid by December 2024.