The milestone took place at its Pasca A4 well located 90 kilometres offshore from Orokolo Bay, Gulf Province.
Twinza hopes this is the birth of the first offshore gas and oil development in PNG.
It has been nearly five decades after the initial discovery of gas condensates in the offshore field.
And six years after the licence signing to Petroleum Prospecting License or PPL 328, Twinza conducted the flaring of the Pasca A Gas Field well.
It is indeed a significant moment and is on a positive track for a development licence to be granted.
“This has been a progress we have made since we first signed the licence in 2011,” said Huw Evans, Twinza’s managing director.
“It’s the result of a lot of hard work and we hope to see, with the help of the Minster and the department and other related stakeholders, and with the good grace of the Gulf Province as well, that we will see a project development granted at the end of march of next year, which then could lead to first production at the end of 2020.”
Minister for Petroleum, Fabian Pok, witnessed the historic moment.
Minister Pok congratulated the company and said they will work closely with them to make production a reality.
“So once again on behalf of the Government, I’d like to really thank Twinza for having the confidence to invest in the area and it’s the first offshore drilling and it has proven to be successful.
“We will continue to work closely to ensure that it comes to fruition and we will receive the benefit for both the country and the company,” said the Minister.
Around US$250 million (K760 million) will have been invested into the project if a development license is granted.
Twinza currently holds 100 percent ownership until such time the state and various parties take up equity based on a project agreement, as per the Oil and Gas Act (1998).
A Final Investment Decision (FID) is expected in early 2018.
Twinza believes full production can be achieved 24 months after FID.