Pasca talks ongoing: Minister

By SHIRLEY MAULUDU
NEGOTIATIONS on Twinza’s Pasca A project in Gulf is ongoing, says Petroleum Minister Kerenga Kua.
Kua told The National that it would take some time for an agreement to be reached on the country’s first offshore oil project.
“(Project) still under negotiations,” he said.
“Generally, it could take few years to negotiate an agreed position. Once in a while, it takes less time.
“Patience is important to all sides.”
Twinza said earlier that the talks were on the fiscal terms that would apply to the development of the gas-condensate field in the Gulf of Papua.
“The company is committed to working collaboratively with the Government to deliver an agreement that allows the project to move forward toward development, while providing a higher state take than previous projects,” country manager Roppe Uyassi said.
“Once the Pasca A gas agreement and the petroleum development license are in place, the project is well-positioned to enter the front-end-engineering and design phase later this year.”
Twinza was also looking forward to addressing with the SNT important non-fiscal opportunities, including domestic market commitment, third-party access to facilities and national content.
“These matters were differentiated from land-based projects as Pasca A field is planned to be the first offshore development in PNG.”
Meanwhile, information from the company indicated that Twinza’s principal asset is the Pasca A liquids-rich gas field offshore. The Pasca A field development plan had been completed, the petroleum resources certified and the programme necessary to obtain the licences for full field development was completed.
Once the necessary Government approvals have been received, the Pasca A development will become the first offshore field development in the country.