TWINZA Oil PNG is hopeful its terms of the proposed Pasca A offshore oil and gas project is acknowledge by the Government to get the project online.
Country manager Roppe Uyassi told The National that the terms had met the desired Government take as confirmed by Deloitte.
PNG Prime Minister James Marape also wants the project agreement to be completed this month.
Twinza hopes to move forward with the country’s first offshore oil and gas project.
“Unfortunately, for all stakeholders, we have not made much progress,” Uyassi told The National.
“We are still waiting for the Minister of Petroleum to communicate to us whether the terms agreed with the State negotiation team have been accepted.
“The terms outlined recently are acceptable especially given we have achieved the State take outcomes desired by the State as confirmed by the Deloitte report commissioned by the minister himself.
“Hopefully, the terms Twinza has on the table (are) acknowledged so that we can sign the gas agreement and get on with developing Papua New Guinea’s first offshore oil and
gas development.”
According to an earlier company statement, the completion of the Pasca A gas agreement would allow the project to move into the front-end engineering and design (Feed) phase, with a final investment decision in late 2022 and first production in 2025.
It said the delay in concluding the gas agreement would affect the planned project schedule, defer investment and see production moved to 2026.
The National / Pacific Mining Watch