State and Twinza Agree Terms for Pasca A Gas Agreement
Published on 25th September, 2020
Twinza notes the media release, 24th September 2020, from the office of the Prime Minister of Papua New Guinea, the Hon. James Marape, regarding the Pasca A Gas Agreement.
Twinza can confirm that non-binding terms were agreed between the State Negotiating Team and Twinza on 13th September 2020 which met the State’s objectives.
The Parties are working collaboratively on the drafting of a binding Pasca A Gas Agreement.
Whilst Twinza acknowledges the support of the State of Papua New Guinea for seeking to progress the Project, Twinza is not in a position to confirm with any degree of certainty that the drafting process will deliver a satisfactory agreement. The proposed draft is not yet in a form that would allow the Project to progress for several reasons, including providing a State-take substantially higher than the agreed 61-65% quoted in the State's media release.
Twinza will provide updates as applicable and we look forward to securing a binding agreement that is acceptable to both Parties and supports the development of Papua New Guinea’s first offshore oil and gas field.