PETROMIN PNG Holdings Limited (Petromin) and Twinza Oil Limited (Twinza) signed a Joint Operating Agreement on Friday for a graticular block PPL328 in the Gulf of Papua called the Pasca Gas/Condensate discovery.
The Pasca discovery is located about 250 kilometers northwest of Port Moresby and was originally discovered in 1968, but was subsequently abandoned after the blow-out of the Pasca A3 appraisal well in 1983. PPL328 was awarded on 31 October 2011 to Twinza as Operator with 90 percent interest and Petromin through wholly owned exploration subsidiary Eda Energy Ltd with 10 percent equity. The license is currently in year 2 of the 6 year license tenure.
Twinza is a private company categorized under Oil and Gas Exploration and Development and located in Nedlands, WA, Australia. Petromin is an independent company created by the State of Papua New Guinea to hold the State’s assets and to maximise indigenous ownership and revenue gains in the mineral and petroleum sectors.
The Joint Venture partners have embarked on an aggressive technical work program to appraise and delineate the hydrocarbon resource and subsequently plan for early commercialization if economics are favorable.
Petromin Managing Director and Chief Executive Office Joshua Kalinoe said: “Petromin is excited about its equity participation. We are confident that it is worth investing in such upstream petroleum development.”
Mr Kalinoe stressed that such investment decision is part of Petromin’s strategic investment focus and direction it is taking to become a major exploration development company in both petroleum and mineral sectors within PNG.
He said the JOA is adding value for Petromin and said both parties would work closely to ensure that more technical work is conducted to appraise and commercialise the Pasca gas/condensate discovery.
Chairman of Twinza Bill Clough, while signing the JOA, said Twinza was excited about the projects in the Gulf Basin and that they would not waste time in executing the JOA.
Mr Clough said Twinza sees the Pasca gas/condensate discovery as a potential commercialization venture and would not hesitate to enter the JOA with Petromin.
“Pasca gas/condensate discovery is one of the few projects Twinza and partners are looking at immediately to appraise and commercialize if viable. We are happy to partner with Petromin as it’s also good for PNG in terms of commercialising the gas for the domestic market,” Mr Clough added. He said the project if commercialized would look at Port Moresby as an ideal domestic market destination.
Reported by AAPThursday, October 20, 2011
Topics in this article: Downer Edi,Fairfax Media,Macquarie
A high profile Perth businessman who has investment links to a company owned by Burma's military regime is facing calls to withdraw his company from the troubled nation.
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William (Bill) Clough's oil and gas exploration company Twinza Oil is thought to have invested up to $40 million in its Burmese operations, the largest single investment from an Australian company, according to academics.
Advocacy group Burma Campaign Australia and Australian Greens senator Scott Ludlam have called for Twinza Oil to liquidate its assets and withdraw from Burma immediately amid fresh reports of ethnic border killings instigated by the Burmese military regime.
"Australian companies must abandon trade deals with Burma's military," Senator Ludlam said.
The senator said hefty oil and gas revenues from companies such as Twinza helped fund the Burmese military regime.
"The Burmese government are keeping those troops equipped, fed and in the field with oil and gas revenues," he said.
"It's got to stop."
Burma Campaign Australia and Senator Ludlam have appealed to Mr Clough, who is also a director and shareholder of publicly-listed company Mirabela Nickel, to cease the Burma operations.
Twinza had been operating in Burma since November 2006, when it signed a joint venture contract with state-owned Myanmar Oil and Gas Enterprise to explore for oil and gas, according to articles in Burmese publication the Myanmar Times and Australian Embassy cables revealed by Wikileaks.
That meant it was working with the state-owned company during the Saffron Uprising, an anti-government protest led by Burmese monks in 2007, which was crushed by the government.
Wikileaks cables show Twinza's Burmese subsidiary, Danford Equities Corporation, has invested heavily in the Burmese oil and gas sector.
Google "Burma's Resource Curse"
Australian companies “directly helping” dictatorship in Burma – US diplomats
08 Sep 2011 | Scott Ludlam
Defence & National Security / Foreign Affairs / Trade
US diplomatic cables released by WikiLeaks support the Australian Greens' claim that oil and gas companies investing in Burma are "directly helping to strengthen the military hold on power".
Greens spokesperson on Burma Senator Scott Ludlam said US diplomats had echoed Greens calls for stronger sanctions against the dictatorship.
"Danford Equities is mentioned by name in the cable as one of the Australian companies propping up the dictatorship. The parent company of Danford is Twinza Oil - controlled by the Western Australian-based Clough family. This is something very close to home and it can't be ignored any longer," said the Western Australian Senator.
"The US diplomats make clear in the cable that the ‘unofficial policy' discouraging Australians doing business in Burma is grossly inadequate. Danford Equities is classified by the document as amongst the Australian companies "(entering) into the race to tap into Burma's offshore oil and gas fields (and providing) Than Shwe's main source of funding"."
"The statement is explicit - "These companies are directly helping to strengthen the military hold on power in Burma". The Australian Government must immediately impose a trade embargo on Burma," said Senator Ludlam.