Another massive oils and gas project is ready to get off the ground following a historic signing of contracts today at the Government House at Konedobu in Port Moresby city this morning. That project is the Pasca A Project, which will be the county's first offshore gas project just off the coast of the Gulf province. The gas project was agreed to recently in a signing between PNG Government and developer Twinza Oil (PNG) Limited with the signing of the agreements. Today's signing seals the contract with work to progress towards its development stage. According to Prime Minister James Marape, his government secured the project in a manner that will benefit all parties involved, from the project developer, the National Government, the Guld Provincial Government, the landowners and the people of Papua New Guinea (PNG). Prime Minister Marape thanked Twinza for investing in this project, stating that they have come a long way to get to this stage. “I want to appreciate Twinza, who have given us an unprecedented total stake at 70% of the project,” said Marape. “That includes a better-defined royalty at 2%, we secured production levy at 3%, we secured development levy at 2%, we secure a fiscal stability tax at 15% subject to oil price hitting at 80 dollars, anything above 80 dollars, the country will make 15%. So, all in all, 70% take for us.” The Prime Minister also announced that the project development will be setting up camp and will be operating out of the Gulf province, meaning more in development terms for the province and its people. Pasca A Project is a 135 million barrels of oil project harvest to be done in two phases. “In gas terms, it’s 0.4Tcf or 400 trillion cubic feet of gas to be harvested in two phases. Phase one is oil harvest and phase two, is gas harvest.” The signing took place between the developer, the government, the Mineral Resources Development Company (MRDC) and the State Negotiation Team (SNT) led by Mr. Dairi Vele and witnessed by the Governor General, Sir Bob Dadae.