Prime Minister Hon. James Marape today announced that discussions on the Pasca A Gas Project, which aims to develop the Pasca A gas-condensate field located approximately 95km offshore from Gulf Province, are progressing well.
The announcement followed a meeting between the Prime Minister, the State Negotiating Team (SNT), and representatives of Twinza, the developer of the project. The Pasca A Gas Project is expected to contribute over K30 billion to the economy and K15 billion directly to the country over the life of the project. The development is being pursued in partnership with the Mineral Resources Development Company (MRDC) through a 50-50 Joint Venture.
“I met today with the SNT Chairman Dairi Vele and representatives of Twinza. The project is at a stage where we are progressing towards the Petroleum Retention License (PRL). This will be followed by the Gas Agreement (GA), Final Investment Decision (FID), and finally the Petroleum Development License (PDL),” Prime Minister Marape said.
“Although there have been some delays, we all agreed that Pasca is part of the four ‘Ps’ of the Marape Rosso Government – Porgera Gold Mine, Papua LNG, P’nyang LNG, and Pasca A Gas Project. The SNT and Twinza are in very advanced discussions. We envisage that before we go to the 2024 Papua New Guinea Investment Week in Sydney, Australia, in December, we should have advanced the Pasca A Gas Project into a stage where it gives confidence to our investors.”
Prime Minister Marape reaffirmed the government’s stance on securing benefits of above 55 per cent for all major resource projects. He further mentioned that during his upcoming visit to the United Nations General Assembly (UNGA) in New York, he will meet with the leadership of ExxonMobil to discuss the PNG LNG Project, Papua LNG, and P’nyang LNG, with the aim of synchronising these major projects.
“Bearing in mind that Papua LNG has been slightly delayed, I want all the other projects to move, and there must be no more delays, especially on P’nyang,” the Prime Minister added.