Prime Minister (PM) James Marape has hailed the recent 2024 Investment Week in Australia a success, culminating in Papua New Guinea (PNG) officially entering the NRL, and the significant signing of a major gas project agreement. The Government of Papua New Guinea (PNG), under the leadership of Prime Minister Marape, initialled a landmark Gas Agreement with Twinza Oil Ltd, the operator of the Pasca offshore gas project, paving the way for the development of PNG’s first offshore petroleum project, located off the coast of Gulf Province This agreement will be submitted to the National Executive Council (NEC) for approval before being presented to Government House for formal endorsement by the Governor-General and signing. ” This Gas Agreement is a testament to our commitment to securing the best outcomes for Papua New Guinea. With an unprecedented 70% state take, we are ensuring that the benefits of this resource are channelled directly to our people. This is not just a project—it’s a step toward economic sovereignty and a brighter future for all Papua New Guineans,” said the PM. Discovered in the 1960s, the Pasca field has undergone decades of extensive appraisal and preparation. Its development is projected to deliver over K500 million annually in revenues and create approximately 500 permanent jobs, with significant local benefits for Gulf Province. “The Pasca A Gas Project symbolises what Papua New Guinea can achieve when we prioritise unity and sustainability. As we approach our 50th anniversary of independence in 2025, this project reflects our nation’s resilience and potential. It is an example of how we can leverage our natural resources responsibly to uplift our people.” The 70% state take achieved in this agreement -inclusive of taxes, royalties and equity participation - is a testament to the leadership of Prime Minister Marape and the tireless efforts of the State Negotiating Team (SNT) to secure the best possible outcomes for the nation. “In May 2024, the Mineral Resources Development Company Limited (MRDC) and Twinza formalised a partnership agreement regarding the Pasca A Gas Project. This collaboration allows MRDC to acquire up to a 50% participating interest in the project, while Twinza retains its role as the project operator. This partnership ensures greater local participation and guarantees that benefits flow directly to the people of Papua New Guinea.” The Pasca A Gas Project represents a significant step forward in PNG’s energy ambitions, laying the foundation for future offshore resource developments. The project will initially produce natural gas liquids, including condensate and liquefied petroleum gas (LPG), while also establishing the groundwork for liquefied natural gas (LNG) exports. ” As the nation prepares to celebrate its golden jubilee, the Pasca A Gas Project stands as a beacon of progress, unity, and sustainability. It is a symbol of what Papua New Guinea can achieve through collaboration, innovation, and a shared commitment to national development,” Prime Minister Marape said.