Two important agreements between the Mineral Resource Development Corporation and Twinza Oil Limited for the Pasca A project have been signed and sealed in Port Moresby mid this week.
Under the agreements, MRDC will acquire 50 per cent Participating Interest in Twinza’s Pasca A project.
The agreement will also bind MRDC and Twinza to cooperate in the acquisition and development of future oil and gas opportunities in PNG.
The Pasca A Development project is a large FEED ready offshore project in the Gulf of Papua.
Twinza Oil Limited,100% owner of the project applied for the Petroleum Development License in June 2015 and has complied with all government requests and has been steadily advancing the project while negotiating the Gas Agreement since 2020.
The project is expected to contribute over K30 billion to PNG’s economy and K15 billion revenue to the country over its life-span.
This week, Twinza signed agreements with MRDC to acquire 50% Participating Interest in the project.
MRDC Managing Director, Augustine Mano says this significant transaction represents another milestone in MRDC’s evolution towards a more engaged and active asset owner and manager for PNG.
According to Twinza Executive Chairman, Stephen Quantrill, Twinza is pleased with the execution of the agreements and looks forward to collaborating with MRDC in the development of oil and gas assets in the country.
Petroleum Minister Jimmy Malaina says PNG doesn’t have time to sit on this project, hence must get it off the ground as soon as possible.
Pasca A, when operational will generate around 500 permanent jobs and sufficient US Dollars for Foreign currency into the economy.
Twinza stands ready to proceed with the project as soon as the Gas Agreement is executed and Petroleum Development License is awarded.
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