Friday, August 17, 2018

Twinza Oil PNG Gas field on target with state goals

Twinza Oil (PNG) Ltd’s offshore gas condensate field in Gulf is a straight forward project which will meet key state objectives for supply of products to the domestic market.
Managing-director Huw Evans said Twinza Oil was pleased to be on the cusp of developing Papua New Guinea’s first offshore gas-condensate field with offshore storage of condensate and LPG.
This will enable off take for the PNG domestic market.
“The project will meet key State objectives for supply of products to the domestic market, third party access to infrastructure and local content,” Evan said.
“Provided we can conclude project negotiation and PDL (petroleum development license) grant within the next few months, the project can meet its 1Q 2021 production schedule.
“This would result in much-needed revenue to Papua New Guinea and assist in the displacement of expensive imported fuel.”
The Australian oil and gas company has been working closely with the State towards delivering this pioneer offshore development.
According to Twinza, its Pasca A gas-condensate field was scheduled for field commissioning in late 2020 and first production in first quarter of 2021.
Discussions with the Department of Petroleum are almost concluded prior to the offer of PDL for Pasca A, which will result in the project commencing final engineering.
Negotiations for the gas agreement are ongoing, in parallel with the PDL process, with the objective of concluding negotiations, enabling the commencement of construction of Pasca A next year.
Plans and contracting for field development drilling are being finalised in advance of drilling and completing Pasca A development wells in Q4, 2019.
To date, Twinza has spent over a K250 million on the project.
Pasca A will also be the first offshore oil and gas development in PNG to produce natural gas liquids (NGLs) in the form of condensate (a light crude oil) and LPG, and will also produce natural gas.
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