TWINZA Oil Ltd is disappointed with the “lack of engagement” by the Papua New Guinea Government ,State Negotiating Team (SNT) with the company to conclude discussions on the Pasca A gas agreement.
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| Twinza Oil Ltd unhappy with PNG Government team. Downtown Port Moresby. Photo by PNG Today |
The company in a statement yesterday said Petroleum Minister Kerenga Kua had told Parliament of a seven-day period for the SNT and Twinza to finalise the drafting of the Pasca A gas agreement.
“The deadline expired on Aug 17 without the State Negotiation Team making themselves available to meet with Twinza. A further seven days have now passed without a meeting, despite continued efforts by Twinza,” the company statement said.
“This lack of engagement, with a company which has invested more than K350 million in PNG to date and confirmed Pasca A commerciality through drilling the A4 well, is disappointing.
“Twinza will continue to honour the deal struck on July 6, and announced by Prime Minister James Marape on July 13, 2021.”
Attempts to get comments from the SNT and Kua yesterday were unsuccessful.
Twinza said the gas agreement would deliver all Government’s objectives on the project and provide the highest State take of any resource development in PNG – more than 60 per cent of project value.
Chairman and chief executive Ian Munro said “despite the Twinza team being on standby 24/7, and the clear instructions from the minister (Kua) for both sides to meet within seven days, the SNT has not made themselves available even once for a final page-turn of the agreement”.
“Twinza remains hopeful that both parties can honour the terms and agreement of July 6 and that we can move immediately into the Feed (front end engineering and design) phase of the project.”
He said the company had successfully drilled an appraisal well on the Pasca field, being awarded a life-of-project environmental permit and now agreeing fiscal terms which deliver the highest State take of any resource project in PNG.
Statement / The National /. Pacific Mining Watch
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