02 Dec 2021

The offshore Pasca offshore project in the Gulf of Papua could be in production within four years of receiving project approval, Twinza’s recently appointed Chairman Stephen Quantrill told the Chamber conference.

The project, which contains an estimated 120 million barrels oil equivalent, would provide US$200 million a year in benefits to PNG once in production starts

Twinza Oil, which has been working on Pasca for a decade, estimates the State will receive revenue totalling US$2.5 billion over the life of the project, equivalent of two thirds of the PNG government’s total projected revenue in 2022.

Quantrill said with early approval the final investment decision on Pasca could be made by 2023 with first gas produced in 2026 under a two-phase program which will see a floating LNG facility built in the second phase.

Under the proposed development Twinza has agreed to provide 10% of LNG under a domestic market obligation for use within PNG. Contributions to the state will also be greatly enhanced with the additional development of stranded gas projects such as Pandora.