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PNG: MRDC and Twinza execute agreements over the Pasca A Project

31 May 2024

Photo - see caption

MRDC and Twinza have executed agreements for:

  • MRDC to acquire an up to 50% Participating Interest in Twinza’s Pasca A Project, and
  • MRDC and Twinza to cooperate in the acquisition and development of future oil and gas opportunities in Papua New Guinea.

Mineral Resources Development Company ('MRDC'), Twinza Oil and Twinza Oil (PNG) have announced that they have obtained all internal approvals and executed a series of binding agreements for MRDC to take an up to 50% Participating Interest in the Pasca A Development Project and for the companies to cooperate in the acquisition and development of other oil and gas assets in Papua New Guinea.

The Agreements, including a Joint Operating Agreement, will become fully effective upon, among other conditions, receipt of PNG Independent Consumer & Competition Commission ('ICCC') approval and the execution of a satisfactory Gas Agreement for the Pasca-A Project. MRDC may purchase up to a 50% Participating Interest in Twinza’s Pasca-A Assets, with Twinza remaining the Pasca-A Project Operator.

Please see below and attached for an overview of the development-ready Pasca A project.

Commenting on the announcement, His Honourable Prime Minister of Papua New Guinea, Mr. James Marape, said:

'I welcome the transaction between MRDC and Twinza to develop the Pasca A asset and to work together on a number of other exciting opportunities in the Gulf of Papua region and the country. Pasca is one of our government’s priority major energy projects in PNG and we look forward to seeing MRDC and Twinza work together to develop the project for the benefit of the people of PNG.'

Commenting on the announcement, MRDC Managing Director Augustine Mano said:

'I am very pleased to announce this significant transaction which represents another important stepping stone in MRDC’s evolution towards a more engaged and active asset owner and manager. We are delighted to be working with the team at Twinza and look forward to progressing Pasca A and many other exciting opportunities in the months and years ahead.'

Commenting on the announcement, Twinza Executive Chairman Stephen Quantrill said:

'I am very pleased to be able to announce execution of these Agreements to work and collaborate with MRDC in the development of oil and gas assets in PNG, starting with our fully appraised, ready-to-go Pasca A project in the Gulf of Papua.

We thank Prime Minster Marape and the government of PNG for their support and look forward to working with Augustine Mano, John Tuaim and their team at MRDC for the future success of the Pasca A Project and towards the development of other oil and gas assets in Papua New Guinea.

Pasca A, when operational, is expected to generate more than K500 million per year to the PNG State, generate around 500 permanent jobs and bring significant US Dollars of foreign currency into the PNG economy. Twinza stands ready to proceed with Pasca Phase 1 FEED as soon as the Pasca Gas Agreement is executed and the Project Development Licence is awarded.'

About the Pasca A Development Project

The Pasca A Development Project is a large FEED-ready offshore project in the Gulf of Papua. Twinza, 100% owner of the Project, applied for the Petroleum Development Licence (PDL) in June 2015, has complied with all Government requests and has been steadily advancing the project while negotiating the Gas Agreement since 2020.

Photo - see caption
Source: Twinza

The Pasca A field is fully appraised with four wells having been drilled in the field, resources independently assessed by Gaffney, Cline & Associates, pre-FEED studies completed, and the project will enter FEED following the approval of the Pasca Gas Agreement.

Twinza has to-date invested over K400 million in the Project in anticipation of permitting and fiscal certainty and continues to work diligently on the Project. In 2023 the company announced a 35% increase in total resource size (almost doubling the benefits of the project to the State) and validated Carbon Dioxide sequestration potential of 200 million tonnes of CO2 making it potentially the first carbon negative hydrocarbon project in PNG.

The Project is expected to contribute over K30 Billion to Papua New Guinea’s economy and K15 Billion revenue to the country over the life of the Project.

Attached is a two-page Information Flyer providing a project overview and a summary of key project benefits.

Pasca Development Project Energy from the Gulf of Papua

Original announcement link

Source: Twinza

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