The Marape Rosso government has achieved another milestone with the signing of the Pasca Gas Project in Sydney yesterday.
Prime Minister James Marape said this project will deliver over K500 million annually in revenues and create approximately 500 permanent jobs, with significant local benefits for Gulf Province.
The agreement was signed between Twinza Oil Limited as the operator for Pasca Gas Project in Gulf Province.
Prime Minister James Marape stated that this will be PNGs’ first offshore petroleum project.
Prime Minster said the agreement will be submitted to the National Executive Council for approval next week before being presented to Government House for formal endorsement by the Governor-General.
He said this Gas Agreement is a testament to the government’s commitment to securing the best outcomes for Papua New Guinea. With 70% state take, they will ensure that benefits of this resource are channelled directly to the people.
He further said this is not just a project it’s a step toward economic sovereignty and a brighter future for all Papua New Guineans.
Discovered in the 1960s, the Pasca field has undergone decades of extensive appraisal and preparation.
Prime Minister further added that the Pasca A Gas Project represents a significant step forward in Papua New Guinea’s energy ambitions, laying the foundation for future offshore resource developments. The project will initially produce natural gas liquids, including condensate and liquefied petroleum gas (LPG), while also establishing the groundwork for liquefied natural gas (LNG) exports.
The signing was witnessed by stake holders including Prime Minister James Marape and Governor for Gulf Chris Haiveta in Sydney, Australia.
