The Pasca A offshore oil and gas project in Gulf faces further delay to its start-up which is now expected in 2025, says developer Twinza Oil Ltd. The project will continue to be postponed until a deal is signed, according to Roppe Uyassi, who added that the project's delay would likely be compounded by the project team's departure. “This is really...
According to managing director Wapu Sonk, Kumul Petroleum Holdings Ltd (KPHL) will seek funding from abroad to build gas fields in the Kimu, Barikewa, and Uramu in Kikori, Gulf. He stated that funding would be determined by the form of construction chosen by the group. Sonk was answering questions two weeks after KPHL received the petroleum retentio...
Petroleum Minister Kerenga Kua sees a bright future for the Oil and Gas industry. According to Kua, the price of a barrel is currently over US$60 (K207.63). “The outlook for the industry is still good and positive and the industry is still in very strong shape,” he said. The Covid-19 pandemic, he said, remained a challenge to the industry. Ho...
According to Petroleum Minister Kerenga Kua, the window for talks on the Twinza's Pasca A gas project is still open. Mr Kua was referring to Twinza Oil Limited, saying that the current terms of the arrangement are not suitable for any investor and that the firm has asked its Pasca A project team to stand down. Although he acknowledges Twinza's reser...
Kumul Petroleum Holdings Ltd (KPHL) is well-positioned financially and technically to manage the new gas fields in Kikori, Gulf, and is prepared to participate in other resource ventures such as Papua LNG. Wapu Sonk, the company's managing director, said this in response to the government's decision to grant the national oil and gas company wholly owne...
According to project operator Twinza Oil Ltd, the government has raised its demand for the Pasca A Gas agreement once again, ahead of the scheduled signing. According to a statement from Twinza, the government told the firm last Friday that signing the agreement now demanded a 6% production levy. It read: “This is 4 per cent higher than the producti...
Kumul Petroleum Holdings Limited has been granted 100 per cent control of three Petroleum Retention Licenses (PRL) by the PNG government (KPHL). PRL 48, 49, and 50 of the Kimu, Barikewa, and Uramu gas fields have already been discovered. The three fields have the best estimation of contingent capacity (2C) of slightly more than 2 trillion cubic feet...
Central Governor Robert Agarobe of Papua New Guinea said the (Central) government will support the Gulf in all aspects of the US$12 billion (K41.38 billion) Papua LNG initiative, especially in terms of community benefits. He said this at the unveiling of many impact projects in Ihu, Kikori, including the Ihu Special Economic Zone (Isez). According t...
According to Oil Search, oil prices have risen steadily in recent months from the initial effect of the Covid-19 last year, when prices ranged about US$43 (K150) per barrel of oil (bbl), to levels above US$60/bbl (K210) since February this year. In response to questions, a group spokesperson said,“ To date, there has been no impact to production in our...
Oil Search claims that stringent quarantine procedures, behaviour restrictions, and personnel roster guidelines put in place last year have secured the company's activities in the region. In a statement, Oil Search said that no cases of Covid-19 had been identified in their field operations. In addition to the number of Covid-19 cases around the wor...
Twinza's Pasca is the topic of negotiations. According to Petroleum Minister Kerenga Kua, a plant in the Gulf is currently underway. Kua predicted that reaching an agreement on the country's first offshore oil project would take some time. “(Project) still under negotiations,” he said. “Generally, it could take a few years to negotiate an agreed pos...
To set out how benefits from the PNG LNG project will be divided between two provincial governments, Papua New Guinea's Governors Hon. Philip Undialu (Hela province) and Hon. William Powi (Southern Highlands province) have recently signed a Memorandum of Agreement. In 2009, benefits from the PNG LNG Project to the provincial government and landowners ...
The increase of oil prices above US$60 (K207.90) has made Papua New Guinea’s Mineral Resources Development Company satisfied. According to the company's managing director Augustine Mano, the average oil price last year was at “historical lows”. “This year is better than last year given the oil price is above US$60,” he said. “Last year, the oil pr...
Oil Search has brought a strong financial year in 2020 with a core net profit after tax of US$22.0million (K77m), also reported to a full-year production of 29.0 mmboe and the strongest safety performance since assuming operatorship in 2003.The financial results were significantly lower realised hydrocarbon prices in 2020 as compared to 2019, which result...
After the signing of the fiscal stability agreement, Prime Minister James Marap said that the Papua LNG project is going in the right direction. He gave confidence to the investors that PNG has an active democracy. “We appreciate very much that this project has now been moved,” he said. “The Government will ensure that all necessary support is procured fo...
Oil Search Ltd is happy to see the progress of the US$12 billion (K41.38 billion) Papua LNG project.According to Oil Search managing director Dr Keiran Wulff, “We are pleased to see further progress achieved on the Papua LNG. This milestone highlights the commitment from the Government towards Papua LNG and is a significant step in de-risking the project....
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