THE Pasca A offshore gas project in Gulf Province in Papua New Guinea will go ahead once the gas agreement is signed and the petroleum development licence (PDL) is approved, says developer Twinza.
Twinza chief executive officer Robert Gard said on the sidelines of the PNG 11th National Parliament induction programme in Port Moresby this week.
“We are awaiting finalisation and signing of the gas agreement and approval of the petroleum development licence.
“We are ready to proceed with front-end engineering and design (Feed) and project financing arrangements,” he said.
The Pasca A offshore gas project is at a water depth of 93m about 95km off the Gulf coastline.
It was discovered in 1968 and acquired by Twinza in 2011.
Twinza applied the for a PDL in 2015 after a thorough subsurface evaluation programme.
Pasca A has 0.33 trillion cubic feet of recoverable dry gas and more than 70 mmbbl (million barrels) of liquefied petroleum gas and condensate. The benefits of the project include:
- K500 million per year to the State (tax, levies, royalties);
- K8.6 billion revenue to PNG over the life of the project;
- K18 billion contribution to gross domestic product over the life of the project;
- K400 million per year spent in PNG annual operating costs; and,
- 300 construction and 500 permanent jobs in PNG both direct and indirect.
Gard said more than 70 local companies have already been identified as service providers to the ongoing operation.
“Direct jobs include offshore, supply base and office workers such as operating, maintenance, onshore support, marine support, catering staff, management and office support,” he said.
“Indirect jobs include security, airline operations, hotel and transport, meals and catering supplies, spares and materials supply, helicopter logistics, training and professional services.”
Twinza is an Australian upstream energy company developing the Pasca A liquids-rich gas field in the Gulf of Papua. The company has operated in PNG since 2011 and has invested over K350 million to fully evaluate the field.
Its innovative and economically efficient development plan and design is now ready to be developed.
Twinza has an experienced team of professionals and offices in Port Moresby, Perth and Singapore and is backed by financially strong and supportive investors.
The National / Pacific Mining Watch
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