PNG Govt has not entered into Negotiations with Twinza Oil Limited over Pasca Fields : Kua
The Papua New Guinea Government has not entered into any negotiations with Twinza Oil Limited, says the country's Petroleum Minister Kerenga Kua, when responding to queries by his predecessor and North Waghi MP Dr Fabian POK, if the government is issuing a Petroleum Development License to the Western Australian Company for the Pasca Fields in Gulf Province.
According to Mr Pok, it is the requirement under law for the company to drill three wells before a PDL is issued to them to ensure there is enough reserve to commercialize the project.
He claimed Twinza had only drilled one oil and has already applied for a PDL , which is pending approval.
Pok warns government that if we are serious about taking back PNG, then the government must seriously ensure that three wells have been drilled by Twinza because about two years ago, a report came out in the Australian Financial Review and Washington Post that Twinza Oil Limited was placing Pasca Fields on the Market.
Pok says if PNG gives the Petroleum Development License, which is a bankable document, then Twinza will sell it because, this is a small Western Australian Company that doesn’t have the finance, so we must be very careful when we talk about taking back PNG.
Minister for Petroleum Kerenga Kua, on the other hand is not sure if the law actually says you have to compulsory make three drills before you apply for a PDL.
He says he was working on the assumption that you didn’t necessarily have to drill three wells if in the first drill you found sufficient resource to start the commercial process.
Kua said his department will verify the position in Law that the former Minister is talking about before this issue is progressed to the NEC for approval.
Pasca is a gas condensate field is located in the PPL 328 production lease of the Gulf of Papua, off the shore of Papua New Guinea (PNG) in 93m of water.
It is expected to be the first offshore field to be developed in the country.
FM100/ PNG Today
Image may contain: 1 person, eyeglasses
Next :
He claimed Twinza had only drilled one oil and has already applied for a PDL , which is pending approval.
Pok warns government that if we are serious about taking back PNG, then the government must seriously ensure that three wells have been drilled by Twinza because about two years ago, a report came out in the Australian Financial Review and Washington Post that Twinza Oil Limited was placing Pasca Fields on the Market.
Pok says if PNG gives the Petroleum Development License, which is a bankable document, then Twinza will sell it because, this is a small Western Australian Company that doesn’t have the finance, so we must be very careful when we talk about taking back PNG.
Minister for Petroleum Kerenga Kua, on the other hand is not sure if the law actually says you have to compulsory make three drills before you apply for a PDL.
He says he was working on the assumption that you didn’t necessarily have to drill three wells if in the first drill you found sufficient resource to start the commercial process.
Kua said his department will verify the position in Law that the former Minister is talking about before this issue is progressed to the NEC for approval.
Pasca is a gas condensate field is located in the PPL 328 production lease of the Gulf of Papua, off the shore of Papua New Guinea (PNG) in 93m of water.
It is expected to be the first offshore field to be developed in the country.
FM100/ PNG Today
Image may contain: 1 person, eyeglasses
Next :
Post a Comment