Photo credit: Twinza Oil
The Pasca A offshore gas project in Gulf will go ahead once the gas agreement is signed and the petroleum development licence (PDL) is approved, says developer Twinza.
Robert Gard, the chief executive officer of Twinza, made the statement while attending the recent induction ceremony for the 11th National Parliament in Port Moresby.
“We are awaiting finalisation and signing of the gas agreement and approval of the petroleum development licence.
“We are ready to proceed with front-end engineering and design (Feed) and project financing arrangements,” he said.
The 95 km offshore Pasca A offshore gas project is located in 93 m of water.
It was found in 1968, and Twinza bought it in 2011.
After conducting a rigorous subsurface evaluation programme, Twinza submitted for a PDL in 2015.
Pasca A possesses more than 70 mmbbl (million barrels) of liquefied petroleum gas and condensate in addition to 0.33 trillion cubic feet of recoverable dry gas. The project's advantages include:
- K500 million per year to the State (tax, levies, royalties);
- K8.6 billion revenue to PNG over the life of the project;
- K18 billion contributions to the gross domestic product over the life of the project;
- K400 million per year spent in PNG annual operating costs; and,
- 300 construction and 500 permanent jobs in PNG both direct and indirect.
According to Gard, around 70 local businesses have already been named as service providers for the continuing project.
“Direct jobs include offshore, supply base and office workers such as operating, maintenance, onshore support, marine support, catering staff, management and office support,” he said.
“Indirect jobs include security, airline operations, hotel and transport, meals and catering supplies, spares and materials supply, helicopter logistics, training and professional services.”
The Pasca A liquids-rich gas field in the Gulf of Papua is being developed by Twinza, an Australian upstream energy firm. The business has been operating in PNG since 2011 and has committed more than K350 million to thoroughly assess the market.
Its creative development strategy and design are now prepared for implementation.
Reference: The National (25 August 2022). “Twinza: Projects await signing”.