Tuesday, September 05 2017
Twinza announces that it is currently in the final stages of preparations for drilling of the Pasca A4 appraisal and development well at the Pasca A gas condensate field offshore Papua New Guinea. The well is expected to spud in early September 2017 using the COSL Seeker jack-up drilling rig.
Twinza has also recently reached agreement with BHGE (Baker Hughes a GE company) to provide "fullstream" support for the Pasca development. In addition to bringing its fully integrated services and equipment offering, BHGE is also providing financial support to enable the execution of the Pasca A4 well campaign.
Pasca A Development Project
Pasca is targeting to be the first offshore oil & gas development in PNG which, when operational, will produce natural gas liquids (NGLs) in the form of condensate, LPG and associated gas. Pasca has an independently assessed contingent resource (2C) from Gaffney Cline and Associates of June 2017, of 93 million barrels of oil equivalent (mmboe), comprising 48 million barrels of NGLs and 269 Bcf of gas.
The Pasca project aims to provide a boost to the PNG economy, by providing government revenues, utilizing local services and providing local employment, while the LPG produced from Pasca will be available to displace imports, currently sourced from the Middle East.
Earlier this year Twinza acquired the balance of the Pasca licence it did not already own, through the purchase of the 10% interest from State-owned Petromin, such that it now holds 100% of the licence.
Following the drilling of the Pasca A4 well, the Company aims to progress towards FID for the development phase in 2018. The Pasca development plan is expected to be executed in two phases. Phase I consists of the initial production of NGLs and the reinjection of gas, ahead of Phase II which involves full field development including gas export.
The recently concluded Twinza / BHGE supply agreement covers drilling services, wellheads and pressure control equipment for the current Pasca A4 well. Post FID, BHGE will provide further drilling services for the production wells, together with subsea equipment, modular gas processing topsides, gas compression and turbomachinery, as well as installation and commissioning services for Phase I of the project. The involvement of BHGE will enhance the execution of the project and help manage the integration risk of the production infrastructure and equipment.
In the longer term, in Phase II, Twinza plans to establish the first offshore gas export operations from the Gulf of Papua via a FLNG production facility. The combined gas resources from the Company’s two principal assets in PNG (namely Pasca A and Pandora) are estimated to be sufficient to provide the critical mass to supply such a facility.