Twinza Oil Limited is awaiting the formal approval of the Pasca A Gas Project Agreement by the National Executive Council before it moves into the Front End Engineering and Design (FEED) phase.
The Gas Agreement was finalised toward the end of last year and is awaiting formal presentation to the National Executive Council by the Petroleum Minister, Kerenga Kua.
Once approved Twinza Oil will announce the FEED phase of PNG’s first offshore oil and gas production.
Meanwhile Twinza has appointed Erick Kowa to the Board of the Company effective 1 February 2021.
Kowa moves from his existing role of Gas Project Development Manager where he was co-lead of the Twinza all-Papua New Guinean negotiating team for the Pasca A Gas Agreement.
Twinza Chairman and CEO Ian Munro says the Board recognises Erick’s deep understanding of the oil and gas industry and strong relationships with stakeholders in PNG and the Asian region.
Munro says with the Gas Agreement essentially complete and waiting final sign-off in the near term, it is appropriate that the Company strengthens the Board in the run-up to the Final Investment Decision for the Project in 2022.
Twinza expects the Pasca A to be in production by 2025 and will open up the Gulf of Papua for further development through aggregation of discovered fields through the Pasca A facilities.