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    Dubai To Reduce Its Carbon Emissions By 6.5mn Tonnes A Year

    Transportation Oil & Gas Congress (TOGC 2024): The roles of pipelines in energy transition

    Transportation Oil & Gas Congress (TOGC 2024): The roles of pipelines in energy transition

    Saipem New Onshore E&C contracts

    Saipem scores $1.9 billion contract wins offshore Guyana and Brazil

    Five EU countries strengthen carbon capture and storage bonds with new declaration, paving the way for Europes CCUS market

    Five EU countries strengthen carbon capture and storage bonds with new declaration, paving the way for Europes CCUS market

    OPEC to participate in upcoming UN Climate Change Conference in Dubai and host a special pavilion

    OPEC to participate in upcoming UN Climate Change Conference in Dubai and host a special pavilion

    AD Ports expands shipping operations in Kazakhstan with tanker pair

    AD Ports expands shipping operations in Kazakhstan with tanker pair

    Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco

    Viking CCS project gets green light for onshore CO2 transportation pipeline

    Saipem New Onshore E&C contracts

    Saipem awarded two offshore contracts worth approximately 1.9 billion USD

    Saudi Aramco recognized as a leader in the Fourth Industrial Revolution

    Aramco produces first unconventional tight gas at South Ghawar

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    DNV approves F550 TMCP toughcore for LCO2 transport and storage

    DNV approves F550 TMCP toughcore for LCO2 transport and storage

    CNPC puts into operation of its new production lines for surgical masks

    ConocoPhillips puts plans into play to undertake multiple seabed surveys and offshore drilling ops

    bp's Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    bp’s Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    Europe's largest green hydrogen plant showcased at Dubai Expo on Spain Day

    Exxon, Amazon awarded slice of $7 billion federal funding for U.S. hydrogen projects

    Angolan exploration and production to drive Africa cumulative capital expenditure

    Kolibri wells in Oklahoma’s Tishomingo field producing over 600 boed

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

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    Ducab Group secured 30 major contracts in oil and gas sector in 2023

    NOG expands Permian presence, enters Ohio Utica shale with $170 million acquisitions

    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco to enter global LNG business by acquiring stake in MidOcean Energy

    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

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ExxonMobil to acquire InterOil in deal valued at more than $2.5 billion

Yuvraj_ong by Yuvraj_ong
July 21, 2016
in Market Reports, Pipelines & Transport
0

ExxonMobil Corp. has agreed to acquire all outstanding shares of InterOil Corp. for more than $2.5 billion. The deal is expected to close in September. Oil Search Ltd. in turn has withdrawn from its InterOil takeover attempt. An initial agreement between Oil Search and InterOil was announced in May (OGJ Online, May 20, 2016).  

 

Under terms of the agreement, InterOil shareholders will receive $45.00/share of InterOil paid in ExxonMobil shares at closing, and a contingent resource payment (CRP), which will be an additional cash payment of $7.07/share for each tcfe gross resource certification of Elk-Antelope field above 6.2 tcfe up to 10 tcfe.

 

InterOil’s resource base includes interests in six licenses in Papua New Guinea covering about 4 million acres, including PRL 15. Elk-Antelope field in PRL 15 is the anchor field for the proposed Total SA-led Papua LNG project. ExxonMobil says its separately developed PNG LNG project is now exceeding production design capacity, and the firm will work with coventurers and the government to evaluate processing of gas from Elk-Antelope field by expanding the PNG LNG project.

 

InterOil earlier this week confirmed the bid from ExxonMobil, which was deemed superior by InterOil’s board compared with its May agreement with Oil Search (OGJ Online, July 18, 2016).

 

Under its $2.2-billion deal with Oil Search, InterOil was permitted to engage in further discussions and negotiations with any third party after the agreement (OGJ Online, July 1, 2016). InterOil terminated its agreement with Oil Search immediately prior to entering into its agreement with ExxonMobil, which is paying Oil Search a termination fee on behalf of InterOil.

 

Oil Search’s standing
In deciding to step back from its offer, Oil Search has paved the way for greater synergy, perhaps even some form of unitization, between the PNG-LNG and the Papua LNG projects. ExxonMobil’s agreement for InterOil means Oil Search and ExxonMobil will be members of both the PNG-LNG and Papua LNG consortia.

 

Oil Search Managing Director Peter Botten said that Total and Oil Search had already signaled their desire to cooperate with the PNG-LNG project to maximize synergy values for all stakeholders. “Should ExxonMobil be successful in its proposed bid for InterOil, its entry into Papua LNG would significantly enhance the likelihood of material project cooperation,” he said prior to the deal’s formal announcement.

 

“Opportunities to add value include possible project acceleration, capital and operating cost savings, resource utilization optimization, and various operating, financing, and marketing synergies.” Botten added that “Considerable work remains to be done by all stakeholders to realize these opportunities, but the entry of ExxonMobil into Papua LNG would be a material step forward.”

 

He went on to say that Oil Search was pleased to have created a catalyst for potential LNG project cooperation in PNG. “For Oil Search shareholders a successful takeover of InterOil by ExxonMobil will deliver a major part of our original objectives in the acquisition of InterOil and our agreement with Total, without shareholder dilution and any acquisition risk,” Botten said.

 

Oil Search is now keen to continue strong working relationships with all PNG-LNG joint venturers and the PNG Government so that there can be a progression of the potential expansion of PNG-LNG and the development of Papua LNG as soon as possible.

 

In Oil Search’s second quarter report, also released July 21, Botten said that based on current forecast cash flows, which assume an ongoing gradual recovery in oil prices, Oil Search expects to be able to fund all its proposed capital expenditure programs, including its share of LNG expansion project, right through to the beginning of production.

 

For InterOil: 

Investor Contacts 

Singapore 

David Wu, +65 6507 0222

Senior Vice President 

Investor Relations 

david.wu@interoil.com 

 

or

United States 

Cynthia Black, +1-212-653-9778

Investor Relations 

North America 

cynthia.black@interoil.com 

or

 

Media Contacts 

Singapore 

Ann Lee, +65 6507 0222

Communications Specialist 

ann.lee@interoil.com 

 

or

United States 

James Golden / Aaron Palash, +1-212-355-4449

Joele Frank, Wilkinson Brimmer Katcher 

ioc-jf@joelefrank.com 

or

 

For ExxonMobil: 

ExxonMobil

Media Relations, +1-972-444-1107

media@exxonmobil.com

 

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