Before Twinza Oil Limited moves forward with the Front End Engineering and Design (FEED) stage, the firm is awaiting the formal approval of the Pasca A Gas Project Agreement by the National Executive Council.
The agreement was finalised last year and now awaits presentation by the Petroleum Minister, Kerenga Kua to the National Executive Council.
Once approved, Twinza Oil can now move with the FEED stage of the first offshore oil and gas production in PNG.
Meanwhile, effective February 1, 2021, Twinza has appointed Erick Kowa to the Board of Company from his role as Gas Project Development Manager where he co-led the Twiza all-Papua New Guinean negotiating team for this Agreement.
According to Twinza Chairman and CEO Ian Munro, the Board acknowledges his expertise in the oil and gas industry, and also his strong relationships with the stakeholders in PNG and in the region of Asia.
Munro adds that with the agreement is complete and awaiting approval before proceeding, the firm needs to strengthen the Board moving forward to the Final Investment Decision for the Project in 2022.
Twinza hopes that the Pasca A will be finished in 2025, leading to the further development of the Gulf of Papua.
