Twinza Oil Ltd. is aiming for a final investment decision in 2022 of its two-phase Pasca A condensate and gas development in the Gulf of Papua south of Port Moresby in Papua New Guinea waters.
The company finalized details of the Pasca A gas agreement in 2020 and is now expecting formal presentation of the agreement to, and approval by, the PNG National Executive Council in the near term. This will be followed immediately by a move into the front-end engineering and design stage of the project with the aim of first production in 2025.
The project’s development forum—involving the PNG national government and the government of the Gulf province—is expected to be held in this year’s first quarter. The forum is a requirement for the award of a petroleum development licence.
With work at Pasca about to move forward, Twinza has appointed Papua Newguinean Erick Kowa as a director. Kowa was previously the company’s gas project development manager where he co-led the Twinza negotiating team for the Pasca A gas agreement.
Twinza chairman and chief executive officer is Ian Munro, formerly with Oil Search Ltd.
Plans for Pasca call for development in two phases. The first involves two production wells and one gas re-injection well at the field connected to a small wellhead platform adjoining a self-installing platform for the processing facilities. Phase 1 will see production of condensate and LPG to be stored in a floating storage and offtake vessel moored alongside. Dry gas will be re-injected into the reservoir.
Phase 2 will involve a floating liquefaction storage and offtake vessel based on continuing residual gas production plus gas from the re-injection well converted into a producer by reversing the flow.
Pasca is a carbonate pinnacle reef reservoir in a water depth of 93 m in permit PPL328 about 90 km from the PNG coast. The field was found in 1968.
Twinza revived development plans with the drilling of the Pasca A4 well in September 2017.
Recoverable reserves are estimated to be 70 million bbl of condensate and LPG and 327 bcf of gas.
Pasca A will be PNG’s first offshore petroleum development.
Twinza has 77.5% interest and the PNG government will take the remaining 22.5% interest.
