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MRDC and Twinza execute agreements over the Pasca A Project

Published by , Editorial Assistant
Oilfield Technology,

Twinza Oil have announced that they have obtained all internal approvals and executed a series of binding agreements for MRDC to take an up to 50% participating interest in the Pasca A Development Project and for the companies to cooperate in the acquisition and development of other oil and gas assets in Papua New Guinea.

The agreements, including a joint operating agreement, will become fully effective upon, among other conditions, receipt of PNG independent consumer & competition commission (ICCC) approval and the execution of a satisfactory gas agreement for the Pasca-A Project. MRDC may purchase up to a 50% Participating Interest in Twinza’s Pasca-A Assets, with Twinza remaining the Pasca-A Project Operator.

Commenting on the announcement, His Honourable Prime Minister of Papua New Guinea, Mr. James Marape, said: I welcome the transaction between MRDC and Twinza to develop the Pasca A asset and to work together on a number of other exciting opportunities in the Gulf of Papua region and the country. Pasca is one of our government’s priority major energy projects in PNG and we look forward to seeing MRDC and Twinza work together to develop the project for the benefit of the people of PNG.

Commenting on the announcement, MRDC Managing Director Augustine Mano said:“I am very pleased to announce this significant transaction which represents another important stepping stone in MRDC’s evolution towards a more engaged and active asset owner and manager. We are delighted to be working with the team at Twinza and look forward to progressing Pasca A and many other exciting opportunities in the months and years ahead.”

Commenting on the announcement, Twinza Executive Chairman Stephen Quantrill said:“I am very pleased to be able to announce execution of these Agreements to work and collaborate with MRDC in the development of oil and gas assets in PNG, starting with our fully appraised, ready-to-go Pasca A project in the Gulf of Papua. We thank Prime Minster Marape and the government of PNG for their support and look forward to working with Augustine Mano, John Tuaim and their team at MRDC for the future success of the Pasca A Project and towards the development of other oil and gas assets in Papua New Guinea. Pasca A, when operational, is expected to generate more than K500 million per year to the PNG State, generate around 500 permanent jobs and bring significant US Dollars of foreign currency into the PNG economy. Twinza stands ready to proceed with Pasca Phase 1 FEED as soon as the Pasca Gas Agreement is executed and the Project Development Licence is awarded.”

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