By ESWIN PLESIO – UPNG Journalism student
PAPUA New Guinea has witnessed a historic moment today with the signing of the Pasca Gas Agreement.
The signing ceremony took place between Twinza and Mineral Resources Development Authority (MRDC) at the Government House.
It is a 50:50% partnership between the parties which paves the way for future development in the region by unlocking the potential of Papuan Gulf.
This landmark agreement follows the Take Back PNG policy, ensuring fair benefits for the nation and its citizens.
Following the signing ceremony, Prime Minister James Marape said: “Most importantly, offering support to this momentous moment where we have witnessed the signing of the passed away gas project agreement which is something that is possibly the first in our country, where a major project has a major local partner.”
“It’s a milestone moment, a watershed moment in fact, where MRDC, representing our PNG stakeholders as a subsidiary, owns 50% of the gas,” PM said.
PM Marape and other leaders were commended for their efforts in securing this significant partnership, signaling a brighter future for PNG’s economy.
The executive chairman for Twinza Oil, Mr. Stephen Quantrill said: “We’ve been in Papua New Guinea working on this project now for 16 years, so for us, this is a massive milestone moment. It sets out a timeline and a timetable for us to achieve a financial investment in between and also, we have a lot of work to do to develop the project.”
