Wed, 14 Apr 2021 Today's Paper

Oil Search to buy rival InterOil for $2.2 bn in PNG deal

21 May 2016 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

AFP-  Papua New Guinea explorer Oil Search yesterday said it had bought rival InterOil in a multi-billion-dollar deal, but will sell off some of the assets to French energy giant Total to fund part of the takeover.
Oil Search is to pay US$40.25 per share for the US-listed company for a total value of approximately $2.2 billion, as it looks to boost its interests in a key liquefied natural gas (LNG) project under development in resource-rich Papua New Guinea.

ludes one of Asia’s largest undeveloped gas fields, Elk-Antelope.
The deal comes amid expectations that Asian demand for LNG will ramp up in coming years, analysts said.
“The combination of the companies will increase Oil Search’s exposure to the world-class Papua LNG Project, which is expected to be the next major LNG development in PNG,” Oil Search said in a statement. Oil Search, set up in 1929 and with most of its assets in PNG, is already a partner with US oil giant ExxonMobil on a separate project in the Pacific nation. The massive PNG LNG Project made its first shipment in 2014.


Senior analyst John Young from private wealth management firm Ord Minnett told AFP the deal would encourage cooperation between the two projects, and potentially accelerate development of the second. Total’s chairman and chief executive Patrick Pouyanne said in a statement: “This agreement between Total and Oil Search demonstrates Total’s strong commitment to the development of PNG’s gas resources. “We will increase our operated interest to a more material level to drive the future development of the Papua LNG project, a low-cost onshore LNG project close to Asian markets.”


InterOil shareholders are expected to vote on the deal in July. It is expected to conclude in the third-quarter of the year subject to regulatory approvals.

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Justice Delayed is Justice Denied!

Two years after the Easter Sunday carnage people are left with false hopes an

Cinematic links between director Lester and actor Gamini

Sinhala cinema’s pioneering director Lester James Peries is the Sri Lankan

Difficult to forgive Easter Sunday bombers: Brother of tourists killed in Sri Lanka

This year marks two years since the deadly Easter Sunday attacks in Sri Lanka

All about the new variants of Covid-19

With the Sri Lankan government successfully completing the first phase of the

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.