Prime Minister James Marape yesterday convened with State Lead Negotiator Dairi Vele yesterday to discuss key developments related to the Pasca Gas Condensate Project, located offshore from Kerema town.
The discussions involved project lead Twinza.
Projected to inject over K30 billion into national economy, the Pasca Gas Project is one of the four pivotal initiatives – referred to as the four “Ps” – that the Marape Government is championing to elevate PNG from its current economic challenges and propel it towards a K200 billion economy.
Following the discussions, Prime Minister Marape expressed satisfaction with the progress made thus far.
“We are on track to secure the Petroleum Retention License (PRL), which is an essential step in the project timeline. This will be followed by the Gas Agreement (GA), Final Investment Decision (FID), and ultimately the Petroleum Development License (PDL),” he explained.
Despite acknowledging some delays, Marape emphasized that the Pasca project remains critical to the government’s broader economic strategy.
“Together with Porgera Gold Mine, Papua LNG, and P’nyang LNG, Pasca is central to our vision. We are engaged in advanced discussions with the SNT and Twinza, and we expect to present significant progress to investors by the time of the 2024 Papua New Guinea Investment Week in Sydney this December,” he stated.
The Prime Minister reaffirmed the government’s commitment to securing over 55 percent of the benefits from all major resource projects, underscoring a focused approach to maximize returns for Papua New Guinea and its people.
Additionally, he announced plans to meet with ExxonMobil leaders during his forthcoming visit to the United Nations General Assembly in New York. This meeting aims to synchronize the PNG LNG Project, Papua LNG, and P’nyang LNG, ensuring cohesive advancement across all major energy initiatives.
“While Papua LNG has encountered some delays, it is essential that we maintain momentum across all our projects, particularly with P’nyang, where no further delays can be tolerated,” Prime Minister Marape concluded, underscoring the urgency of revitalizing the nation’s economic prospects.