Gulf Off-Shore Project Coming Soon, Says PM
The national government said it is confident of concluding the country’s first off-shore Pasca petroleum project negotiations by the end of the year.
Prime Minister James Marape in his resource projects update said Pasca Petroleum Project is a small project but will be the first-off shore project in Gulf Province.
He said according to the development plan, a final investment decision (FID) is targeted for the end of 2021, with production to commence in 2024. “All statutory technical, environment and financial assessments have been completed and the State is engaged in preliminary discussions with Twinza.
“We hope to commence final negotiations with Twinza Oil soon and expect to conclude the negotiations by the end of September 2020,” Mr Marape said.
Pasca petroleum project is a marginal (small) project situated in the gulf, some 95 kilometers from the Gulf Province coastline and 265 km west of Port Moresby.
The project resources include a combination of condensate oil, LPG (liquid petroleum gas) and gas. Gas resource is very small 427 BcF (gas volume) and it will be re-injected back into the wells, as that is not commercially viable for development at this stage.
The operator Twinza Oil Limited is proposing a two-phase development process. The first phase is to develop condensate and LPG, and the second phase is to harness gas resources.
Prime Minister Marape has given updates for Porgera gold mine, Wafi-Golpu, Papua LNG, P’nyang and now Pasca said the government is on track and they are not taking it easy.
“It will be challenging to all of us, including our people, but we must remain united and resilient on this course, because PNG will be a winner in all aspects individually, collectively and as a country.
“As the saying goes – short-term pain, for long-term gain, I believe in this,” Mr Marapse said.
“If our government’s policy approach to achieving a fair and equitable share of our natural resources is wrong or a cardinal sin. I stand to be corrected and seek your forgiveness.”