Twinza Oil nears drilling stage of Pasca project

Business

TWINZA Oil says the company is in the final stages of preparations for drilling of the Pasca A4 appraisal and development well at the Pasca A gas condensate field offshore of Gulf.
The well is expected to spud this month using the COSL (China Oilfield Services Limited) Seeker jack-up drilling rig.
According to Twinza, Pasca is targeting to be the first offshore oil and gas development in Papua New Guinea which, when operational, will produce natural gas liquids in the form of condensate, LPG (liquefied petroleum gas) and associated gas.
Pasca has an independently assessed contingent resource (2C) from Gaffney Cline and Associates in June this year of 93 million barrels of oil equivalent (mmboe), comprising 48 million barrels of natural gas liquids (NGLS) and 269 bcf of gas.
The Pasca project aims to provide a boost to the Papua New Guinea economy by providing government revenues, using local services and providing local employment.
The LPG produced from Pasca will be available to replace imports currently sourced from the Middle East.
Earlier this year, Twinza acquired the balance of the Pasca licence it did not already own, through the purchase of the 10 per cent interest from state-owned Petromin. It now holds 100 per cent of the licence.
Following the drilling of the Pasca A4 well, the company aims to progress towards final investment decision for the development phase in 2018.
The Pasca development plan is expected to be executed in two phases.
Phase one consists of the initial production of NGLs and the reinjection of gas.
Phase two involves full field
development including gas export.
When the project was announced in 2015, Twinza chief executive Huw Evans said the company’s total investment to full production would be US$500 million (K1.56 billion).

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