Twinza plans 2027 start for PNG LPG, condensate project

Market: Condensate, LPG, Natural gas
13/12/23

Australian independent Twinza Oil plans to take a final investment decision (FID) in 2025 for its Pasca A condensate and LPG field offshore Papua New Guinea (PNG).

With an estimated 170mn bl of oil equivalent (boe) of hydrocarbon resources, Pasca is one of five resources projects identified by prime minister James Marape as a priority for his nation's economic growth, along with the P'nyang gas field, Papua LNG, Porgera gold mine restart and the Wafi-Golpu copper project.

Twinza is aiming to take a FID on Pasca during January-March 2025, its chairman Stephen Quatrill said at the PNG Resources and Energy Investment Conference in Sydney on 12 December.

Pasca, based in the Gulf of Papua, will host the first offshore production facility in PNG with its first phase a $700mn, 19,000 b/d liquids project to come on line in 2027, with the second phase a 750,000 t/yr floating LNG project requiring an additional $800mn investment to produce its first gas in 2030.

Resource projections for Pasca are 47mn bl of condensate, 43mn bl of LPG and 464bn ft³ (13.1bn m³) of natural gas, the firm said on 29 March, a resource assessment 35pc larger than a previous assessment prepared in 2018.

Twinza's technical team had completed extensive work with consultancy GaffneyCline, Quatrill said, which proved the field had potential to store up to 200mn t of carbon dioxide (CO2) at a rate of 3mn t/yr concurrently with gas production, with potential to be PNG's only CO2 negative LNG project.

By Tom Major

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