Saturday, August 11, 2018

Papua New Guinea's Pascoa A offshore gas project to cost K1.7 billion

A TOTAL of about K1.7 billion (US$525m) is the cost of delivering the Pasca A offshore oil and gas project in the Gulf of Papua, according to operator Twinza Oil (PNG) Ltd.
Managing director Huw Evans said the project was at an advanced stage of engineering.
“The project has a well-defined pathway to deliver the first exports of liquefied petroleum gas and condensate by the first quarter of 2021,” he said.
“We are very close to the project’s award and sanction by the government, which we hope to conclude in the next few months.”
Evans said that once they got the award of the petroleum development licence (PDL) and finalised the gas agreements, they could go on to final engineering.
“That is, the content engineering and design and have it completed within six months so we can turn those into final
construction contracts,” he said.
“We will look into final investment decisions in the first quarter of 2019. After all the engineering has been done, we will begin the construction.”
Evans said construction would be completed by the third quarter of 2020.
They will look at bringing in facilities and get them commissioned in late 2020.
First production will be delivered by the first quarter of 2021.
Gas project development manager Erick Kowa said they had done all the prerequisites for the application petroleum development licence, which had gone before the Department of Petroleum since 2015.
Country manager Roppe Uyassi said the domestic market obligation was a focus for the developer to get much of the products into the local markets and to train the local people to work on the offshore environment.
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