Photo Credit: Twinza Oil Limited
Twinza Oil is optimistic about the planned Pasca project's conditions.
Roppe Uyassi, the country manager, stated that the terms had satisfied the required Government take, which was validated by Deloitte.
Prime Minister James Marape wants the project deal finalized this month as well.
Twinza is optimistic about the country's project
“Unfortunately, for all stakeholders, we have not made much progress,” Uyassi said. “We are still waiting for the Minister of Petroleum to communicate to us whether the terms agreed with the State negotiation team have been accepted.
“The terms outlined recently are acceptable especially given we have achieved the State take outcomes desired by the State as confirmed by the Deloitte report commissioned by the minister himself.
“Hopefully, the terms Twinza has on the table (are) acknowledged so that we can sign the gas agreement and get on with developing Papua New Guinea’s first offshore oil and gas development.”
The conclusion of the Pasca A gas deal, according to an earlier corporate statement, would allow the project to continue into the front-end engineering and design (Feed) phase, with a final investment decision in late 2022 and first production in 2025.
The company stated that the delay in finalizing the gas deal would have an impact on the project timetable, defer investment, and cause production to be pushed back to 2026.
Reference:
The National (18 June 2021). “Twinza hopeful about project”.
