Prime Minister James Marape announced today that discussions on the Pasca A Gas Project, aimed at developing 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 project’s developer. The Pasca A Gas Project is expected to contribute over K30 billion to the economy and K15 billion directly to the country over its lifetime.
The project is being developed in partnership with the Mineral Resources Development Company (MRDC) through a 50-50 joint venture.
“I met today with SNT Chairman Dairi Vele and representatives of Twinza. The project is at a stage where we are progressing towards securing the Petroleum Retention License (PRL),” said Prime Minister Marape. “This will be followed by the Gas Agreement (GA), the Final Investment Decision (FID), and finally the Petroleum Development License (PDL).”
Despite some delays, Marape emphasized that the Pasca A Gas Project remains a key component of the government’s priority projects, which he referred to as the four “Ps” – Porgera Gold Mine, Papua LNG, P’nyang LNG, and Pasca A Gas Project. He noted that discussions between the SNT and Twinza are in advanced stages, with hopes to finalize significant progress before the 2024 Papua New Guinea Investment Week in Sydney, Australia, in December.
The Prime Minister reaffirmed the government’s commitment to securing over 55% of the benefits from all major resource projects for the nation. He also highlighted his upcoming visit to the United Nations General Assembly (UNGA) in New York, where he will meet with ExxonMobil’s leadership to discuss the PNG LNG Project, Papua LNG, and P’nyang LNG, with the goal of synchronizing these key projects.
“While Papua LNG has faced slight delays, I am determined to ensure all other projects move forward without further setbacks, especially P’nyang,” Marape added.