Pasca Agreement signed today. Congratulations to Twinza and MRDC for signing
Breaking News..
LANDMARK PASCA GAS AGREEMENT SIGNED
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19th December - 2024
Port Moresby || Papua New Guinea 🇵🇬
Today marks a historic moment for Papua New Guinea with the signing of the Pasca Agreement. This joint venture between Twinza Oil and the Mineral Resources Development Company (MRDC) ensures a 50:50 % partnership for the Pasca Gas Project. It is the first offshore oil and gas project in PNG, setting the foundation for the nation to enter this promising industry.
The Pasca Project is expected to unlock the immense potential of the Papuan Gulf. The region is home to other significant fields such as Pandor, Flinders, and Hagana, which are now lined up for future development. This project serves as a gateway to harnessing these resources and boosting the country’s economy.
The Take Back PNG policy is in action once again, ensuring fair and meaningful benefits for our people. Building on the landmark Porgera Mine agreement, where PNG secured 51% ownership, the Pasca Agreement continues this approach with an equal 50:50 split. Such arrangements guarantee that resource projects provide maximum benefits to the nation and its citizens.
Prime Minister Hon. James Marape (PMJM), Governor Hon. Undialu, MRDC, and many other leaders and stakeholders deserve commendation for their efforts. Their vision and hard work have led to this remarkable milestone that will benefit the people of PNG. This partnership shows that PNG is taking control of its resources and ensuring they are used to uplift the nation.
Congratulations to PMJM –Pangu Govt and all who played a part in this breakthrough. The Pasca Project is a step forward in our journey towards building a brighter future for Papua New Guinea. It demonstrates that the Take Back PNG policy is not just a vision but a reality, creating opportunities and driving development for our people.
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