Prime Minister James Marape has initialed a new gas agreement with Twinza Oil, paving the way for the development of PNG’s first offshore petroleum project.
Described as “transformative”, the agreement for the Pasca A gas project will see the PNG Government take a 70 per cent stake in the project.
The agreement will be submitted to the National Executive Council for approval in the next week before being presented to Government House for formal endorsement by the Governor-General and signing.
”This gas agreement is a testament to our commitment to securing the best outcomes for Papua New Guinea,” Marape said.
”With an unprecedented 70 per cent state take, we are ensuring that the benefits of this resource are channeled directly to our people. This is not just a project – it’s a step toward economic sovereignty and a brighter future for all Papua New Guineans.”
The Pasca gas field has undergone decades of appraisal and preparation since being discovered in the 1960s. Once developed, the project is projected to deliver over K500 million ($195 million) annually in revenue. It will also create over 500 permanent jobs.
“The Pasca A gas project symbolises what Papua New Guinea can achieve when we prioritise unity and sustainability,” Marape said.
As we approach our 50th anniversary of independence in 2025, this project reflects our nation’s resilience and potential. It is an example of how we can leverage our natural resources responsibly to uplift our people.”
Subscribe to PNG Mining and receive the latest news on product announcements, industry developments, commodities and more.
