Pasca FLNG Terminal

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Pasca FLNG Terminal (Pasca Floating LNG Terminal) is a floating liquefied natural gas (LNG) export terminal proposed in Papua New Guinea.

Location

The terminal is proposed to be located in the Gulf of Papua, Papua New Guinea.

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Project details

• Operator: Twinza Oil Ltd
• Owner: Twinza Oil Ltd
• Parent company: Twinza Oil Ltd
• Vessel:
• Vessel operator:
• Vessel owner:
• Vessel parent company:
• Location: Gulf of Papua, Papua New Guinea
• Coordinates: -8.746641, 144.829410
• Capacity: 0.75 mtpa
• Trains: 1
• Status: Proposed
• Type: Export
• Start year: 2030
• Cost: 800 million USD
• Financing:
• FID status:
• Associated infrastructure: Pasca Oil and Gas Field (Papua New Guinea)

Background

The project envisages a two-phase development: the first phase will comprise a minimal wellhead platform, a mobile offshore production unit, floating storage and an offloading vessel. It is expected to deliver seven million barrels-equivalent of hydrocarbon liquids per year. The second phase, which would be completed as soon as three years after the first, will add a floating LNG facility, producing up to 750,000 tonnes per year of LNG.

The source of gas for the terminal is the Pasca Oil and Gas Field (Papua New Guinea), more specifically the Pasca A gas and condensate field as well as the adjacent exploration block PPL 584. As of December 2023, the company was aiming to take a FID on developing the Pasca A gas and condensate field during January-March 2025. The LNG terminal is part of Phase II of this project which should commence approximately in 2027 and is expected to be commissioned in 2030.

In 2019, the company performed concept selection work for the second phase development associated with LNG export terminal and submitted an addendum to the initial field development plan filed in 2015.

Twinza and the Papua New Guinea Government signed the Gas Agreement for Pasca A in December 2024, under which Papua New Guinea is expected to receive close to 70% of the project’s value through a combination of taxes, royalties, levies and equity participation. According to Twinza, the gas agreement provides high confidence on the pathway to the grant of the Petroleum Development Licence, the final regulatory approval needed for the USD 1.5 billion project. With the gas agreement secured, Twinza has commenced the final stage of detailed design and FEED activities in preparation for FID. It is targeting the final investment decision by the first half of 2026, with first production in late 2028 or early 2029. The second phase will be completed as soon as three years after the first.

Ownership

The gas agreement, signed between Twinza and the Government of Papua New Guinea in December 2024, set in motion the acquisition of up to a 50% interest in Pasca A by the state-owned Mineral Resources Development Company (MRDC) through a special purpose entity, Hevehe Petroleum Limited, which made its first payment on the day that the deal was signed. Hevehe will pay USD 160 million in stages for a 50% stake in the project, according to a May 2024 deal between the and Twinza.