By Savithri Rodrigo
Port Moresby PNG (Commonwealth Union)_It has been more than a year since Twinza Oil presented its first report on pioneering offshore gas and oil in Papua New Guinea. However, this tiny island country in the Southwestern Pacific with its immense cultural and biological diversity and a population of less than ten million will have its first offshore gas field sooner rather than later.
When the company first presented its report in December 2021, the primary focus were remarkable forecasts and insights into how the gas field will boost PNG’s economy. Focusing on the liquid rich gas field offshore in PNG, the Pasca A field development plan is now in the stages of resources being certified and the necessary licensing for full field development complete. The project awaits government approval after which it becomes the pioneering gas field in PNG, which would cascade to encouraging more explorations of other oil and gas fields in the Gulf of Papua.
The Pasca A project hones in on a carbonate pinnacle reef discovered about fifty years ago but lay dormant for almost thirty years. Twinza Oil acquired the field in 2011 and in 2018, with improved drilling efficiency, production technology and engineering, the company drilled a new exploration well, which has made it viable for the Company to now go ahead with its plans.
The project aims to deliver long term investment which in turn will increase government revenue and support economic growth. Twinza Oil promises that direct PNG revenues from the Pasca A Project will exceed USD 2.5 billion, increasing PNG’s real GDP by over Kina 18 billion. It also estimates 6% increase in the government’s annual revenue plus a multiplier effect on other industry sectors. Direct employment is guaranteed for one hundred during the development while the total operating workforce would be in the range of 400 to 500.
While the project will support PNG’s energy transition initiatives which will most probably be a bridge to giving electrification to 70% of the population by 2030 or about a 15 year bridge to renewable power, the project will also be a conduit in creating sustainable platform for education and upskilling.
Twinza Oil, is an upstream oil and gas company with assets and offices in PNG is headquartered in Perth Australia, while also having offices in Sydney, Brisbane and Singapore.
