ExxonMobil swoops on InterOil as rival steps back

摘要

ExxonMobil aims to consolidate its leading role in the development of the LNG industry in Papua New Guinea (PNG), with a $2.48bn takeover bid for US upstream independent InterOil. The major’s long-awaited move puts it in pole position to take over InterOil-rival bidder Australian independent Oil Search does not plan to raise its $2.2bn offer, and Total, InterOil’s partner in the proposed 5mn-7mn t/yr Papua LNG export project, has signalled that it does not want to enter a bidding war.