Photo credit: Twniza Oil
The Pasca A offshore gas project in the Gulf of Papua will focus to help transform the PNG energy sector and to boost sustainable growth in the country.
Twinza Oil (PNG) Limited chairman, Stephen Quantrill said when in full production, the Pasca A Liquefied Petroleum Gas (LPG) project’s landed prices will be lower than the current LPG imports.
He said that as a benefit to PNG once the project starts, Pasca A has pledged a 10% domestic market obligation (DMO).
According to Mr. Quantrill, the promise is in line with PNG's goals for sustainable development, which include achieving complete carbon neutrality by 2050 and a 70% electrification objective by 2030.
He asserted that accessible LPG might revolutionise the PNG energy industry and support long-term development.
“The advantage of the LPG includes a low carbon substitute for burning fuel, oil and diesel, and it is profitable and affordable by land and marine transport system,” Mr Quantrill said.
“It requires a low infrastructure investment to reach in diesel and is very accessible.”
According to Mr. Quantrill, the Pasca A LPG component is a crucial commodity for providing energy to PNG.
According to him, the project's schedule will allow PNG to reach its goal of providing 2% of the world's LNG supply.
The PNG government consented to the parameters of the Pasca A project in 2021, and more investment and project funding are still required for the gas agreement and petroleum development licence (PDL).
Once it is up and running, the Pasca A project will bring in K8.6 billion in income for PNG over the course of its existence, with K500 million per year.
Additionally, the project will generate K18 billion in GDP throughout its lifetime, K400 million in local spending, 300 construction employment, and 500 permanent jobs in PNG as the yearly operating cost in the country.
Reference: Wohi, Lorraine. Post-Courier (26 September 2022). “Pasca A Project To Assist Transform Energy Sector”.
