PASCA A GAS DEAL SECURES BENEFITS


July 15, 2021 - 437 views

By Sandra Ulg:

The State and Twinza Oil Limited are set to close the deal on the Pasca A Gas Deal by the end of the month, now that negotiations have ended. 

Petroleum Minister Kerenga Kua says, the State has secured benefits with developer Twinza PNG Limited, outside of the existing Oil and Gas Act, and other relevant laws. 

These include: 

  1. A 5% Production Levy which is not provided for by Oil and Gas Laws’
  2. Increased Royalty through a 2 % on Gross Revenue;
  3. State getting a 55% nominal stake; and
  4. An increase of tax revenue. 

Minister Kua also says, State negotiations with Wafi-Golpu, Pinyang and Papua LNG projects will conclude before the end of this year.

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