Twinza awaiting for PNG Petroleum Minister Kua’s response

 TWINZA Oil Ltd, the operator of the Pasca A gas project, is awaiting response from  the Papua New Guinea Petroleum Minister Kerenga Kua on whether terms it offered the State are acceptable. The operator of the project located in Gulf issued the statement yesterday in response to recent comments by Kua regarding the Pasca A gas agreement on May 25. “Twinza is currently awaiting a response from the Petroleum minister as to whether the terms offered to the State, and outlined recently (May 19) in the

Twinza media release are acceptable,” the company said. “An execution version of the agreement, incorporating these terms and using the State’s own template, is with the minister for his consideration.” Twinza chairman and chief executive Ian Munro said: “The company remains committed to delivering Pasca A, PNGs first offshore oil and gas project.  “However, it appears the 12-month long process may be stalled yet again because the State has not communicated to Twinza the agreement terms which would be acceptable. “It is time to bring this matter to a conclusion so that the project can move forward.  “Twinza is on standby to execute the agreement on the Petroleum Minister’s desk.” Munro said the completion of the Pasca A gas agreement this month would allow the project to move into the front-end engineering and design phase, with a final investment decision in late 2022 and first production in 2025. He warned that a continued delay in concluding the gas agreement would impact the planned project schedule and could see production move out to 2026. Meanwhile, information from the company indicated that Twinza’s principal asset is the Pasca A liquid-rich gas field offshore.

The National / Pacific Mining watch

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