Photo Credit: Twinza Oil Limited Twinza Oil is optimistic about the planned Pasca project's conditions. Roppe Uyassi, the country manager, stated that the terms had satisfied the required Government take, which was validated by Deloitte. Prime Minister James Marape wants the project deal finalized this month as well. Twinza is optimistic about...

Twinza notes the comments regarding the Pasca A Gas Agreement made by the Petroleum Minister, the Hon. Kerenga Kua, in a media release of 25th May 2021. Twinza is currently awaiting a response from the Petroleum Minister as to whether the terms offered to the State, and outlined most recently in the Twinza media release of 19th April 2021 are acceptabl...

According to Petroleum Minister Kerenga Kua, the first cargo of the liquefied petroleum gas (LPG) from the US$1.6 billion (K5.5 billion) Pasca A project in the Gulf is expected to start in 2025. It will be the country's first offshore extractive resource project with infrastructure, located 95 kilometres offshore in seas 93 meters deep in the Gulf of P...

Photo credit: Santos The National Government is set to concluding all project discussions for the $US11 billion P'nyang gas project by the third quarter of 2021. This, according to Petroleum Minister Kerenga Kua, will provide project partners enough time to obtain Sales and Purchase Agreements (SPA) and achieve a Final Investment Decision (FID) by 2...

Photo credit: Total (2019) By 2027, the first gas from the Papua LNG Project is planned to be sold. As a result, the government will receive an additional 7% free carry in equity from the project. The pre-FEED phase of the Total E&P (PNG) Limited-led joint venture project in Caution Bay will be completed by the end of this year, followed by F...

Kumul Petroleum Holdings Limited (KPHL) has secured a contract for an additional 7 per cent free carried equity in a historic deal with TOTAL SE. Papua New Guinea's national oil and gas corporation, reported an increase in its aggregate equity in potential joint exploration ventures with Total SE following talks in Paris last week to remobilize the Pap...

Deputy Prime Minister Sam Basil met with Total Chairman and CEO Patrick Pouyanné and discussed the Papua LNG project timetable as well as a potential investment in new petroleum prospecting licenses in Papua New Guinea. In a statement, Basil said, “Mr Pouyanné expressed his appreciation for the ongoing efforts by the Marape-Basil Government and confirm...

After a one-year delay due to COVID-19, Total aims to make a final investment decision on the proposed two-train 5.6 million mt/year volume Papua LNG project in Papua New Guinea in 2023. Papua LNG, which will use gas from the Elk and Antelope gas fields, will begin front-end engineering and design (FEED) in early 2022, according to Total. "I confirm...

The Pasca A offshore oil and gas project in Gulf faces further delay to its start-up which is now expected in 2025, says developer Twinza Oil Ltd. The project will continue to be postponed until a deal is signed, according to Roppe Uyassi, who added that the project's delay would likely be compounded by the project team's departure.  “This is really...

According to managing director Wapu Sonk, Kumul Petroleum Holdings Ltd (KPHL) will seek funding from abroad to build gas fields in the Kimu, Barikewa, and Uramu in Kikori, Gulf. He stated that funding would be determined by the form of construction chosen by the group. Sonk was answering questions two weeks after KPHL received the petroleum retentio...

Petroleum Minister Kerenga Kua sees a bright future for the Oil and Gas industry. According to Kua, the price of a barrel is currently over US$60 (K207.63). “The outlook for the industry is still good and positive and the industry is still in very strong shape,” he said.  The Covid-19 pandemic, he said, remained a challenge to the industry. Ho...

According to Petroleum Minister Kerenga Kua, the window for talks on the Twinza's Pasca A gas project is still open. Mr Kua was referring to Twinza Oil Limited, saying that the current terms of the arrangement are not suitable for any investor and that the firm has asked its Pasca A project team to stand down. Although he acknowledges Twinza's reser...

Kumul Petroleum Holdings Ltd (KPHL) is well-positioned financially and technically to manage the new gas fields in Kikori, Gulf, and is prepared to participate in other resource ventures such as Papua LNG. Wapu Sonk, the company's managing director, said this in response to the government's decision to grant the national oil and gas company wholly owne...

According to project operator Twinza Oil Ltd, the government has raised its demand for the Pasca A Gas agreement once again, ahead of the scheduled signing. According to a statement from Twinza, the government told the firm last Friday that signing the agreement now demanded a 6% production levy. It read: “This is 4 per cent higher than the producti...

Kumul Petroleum Holdings Limited has been granted 100 per cent control of three Petroleum Retention Licenses (PRL) by the PNG government (KPHL). PRL 48, 49, and 50 of the Kimu, Barikewa, and Uramu gas fields have already been discovered. The three fields have the best estimation of contingent capacity (2C) of slightly more than 2 trillion cubic feet...

Central Governor Robert Agarobe of Papua New Guinea said the (Central) government will support the Gulf in all aspects of the US$12 billion (K41.38 billion) Papua LNG initiative, especially in terms of community benefits. He said this at the unveiling of many impact projects in Ihu, Kikori, including the Ihu Special Economic Zone (Isez). According t...