Papua New Guinea-focused Twinza Oil which has been involved in protracted negotiations with the PNG government over its Pasca offshore development has announced its chief executive has not renewed his employment contract.
Twinza said Ian Munro had elected not to renew his employment contract as chief executive beyond its expiry on 30 September 2021.
Munro has also stepped down as chairman of Twinza and resigned as a director of the company after 18 months in the roles.
Stephen Quantrill has been appointed as chairman of the board, replacing Munro, while a CEO search process is under way of both internal and external candidates.
Quantrill said: “Ian has been instrumental in advancing Twinza’s Pasca A project and we thank him and wish him continued future success. In order to ensure a seamless transition I will be travelling to Port Moresby in the very near term to meet with key stakeholders, to identify a path to the signing of the Pasca A Gas Agreement and subsequent entry to the front-end engineering and design phase of the project.”
Munro has expressed several times this year his disappointment and concern about the way in which negotiations on Pasca have progressed.
In his most recent statement on 24 August 2021, Munro said: “Twinza remains hopeful that both parties can honour the terms and agreement of the 6th July 2021 and that we can move immediately into the FEED phase of the project.
"The company has a history of delivering in PNG: successfully drilling an appraisal well on the Pasca field, being awarded a life-of-project environmental permit and now agreeing fiscal terms which deliver the highest state take of any resource project in PNG. With a supportive government, we look forward to delivering PNG’s first offshore oil and gas production in 2025.”