Twinza Oil Ltd. increased the hydrocarbon resource potential of Pasca A gas-condensate field in PPL 328 in the Gulf of Papua and confirmed CO2 sequestration potential.
An updated resource assessment of the reservoir by Gaffney Cline & Associates confirms a 35% increase in total resource size relative to the prior assessment in 2018, the company said in a release last week.
The resource upgrade comes with assurance from executive chairman Stephen Quantrill that Twinza is ready to proceed with development. The company “has complied with all laws, regulations and information requests since entering PNG [Papua New Guinea] in 2011 and stands ready to proceed with Pasca Phase 1 FEED as soon as the outstanding regulatory approvals are granted," he said.
Updated contingent resources (best estimate basis) of Pasca A are 167 MMboe, including 464 bcf of LNG feed gas, 47 million bbl of condensate, and 43 million bbl of LPG, according to GaffneyCline.
The increase reflects improved reservoir characteristics confirmed by a combination of advanced core analysis, drilling data, log interpretation, correlation with reprocessed 3D seismic, and completion of a comprehensive dynamic production model, Twinza said.
Assessment results are consistent with the Pasca A field development plan included in Twinza’s petroleum development license (PDL) application, and contingent resources will likely be classified as reserves after award of the PDL, the company said.
The updated resources increase the value of the PNG State’s revenue from the Pasca A project through the development life of the project, Twinza continued.
GaffneyCline also validated the subsurface feasibility and quantified CO2 sequestration in the field and aquifer, noting a storable quantity of more than 50 million tonnes of CO2 in the gas cap section of the reservoir and an additional potential of more than 150 million tonnes in the aquifer directly below the gas water contact.
CO2 injection is technically feasible concurrently with gas production, according to the assessment.
Twinza said it has no immediate plans to utilize the carbon capture capability and no CO2 source for sequestration at Pasca has been identified, it represents potential future opportunity.
