Petroleum project

Minister for Petroleum, Kerenga Kua announced yesterday the outcome of the discussions with the State Negotiating Team and the developer, Twinza Oil Ltd.

Prime Minister James Marape and other dignitaries witnessed this milestone announcement.

The Pasca A Project is PNG’s first offshore oil and gas field and getting this underway will open up the least developed Gulf Province to much-needed investment.

Chairman of Sandaun Petroleum Energy Development Limited (SPEDL) and landowner Florian Sarwap made the call recently.

Sarwap in a statement said this project, which was initiated in line with the Government’s Vision 2050 Plan will be jointly developed by Landowner Company “Sandaun Petroleum Energy Development Limited” in partnership with an Investor Company-Yongzheng Financial Holding Company Limited of Hong Kong and China.