Seeking Alpha

Total in deal worth up to $3.6B for InterOil LNG interests

  • Total (TOT) has agreed to acquire a 61.3% holding in InterOil's (IOC) Papua New Guinea natural-gas fields for as much as $3.6B as part of a plan to develop the reserves.
  • Total will pay $613M up front, with the extra money dependent on the size of the resource and a final investment decision on building an LNG export facility.
  • Should the Papua New Guinean government and landowners exercise rights to acquire a 22.5% interest in the project, Total will end up with a 47% holding and InterOil 30%. (PR)
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Comments (1)
  • ATLASEXPLORATION
    , contributor
    Comment (1) | Send Message
     
    Well this is good news. Maybe we finally see the value of Interoil realized. This should be good news for other PNG operators as well. This lets Exxon know they have to pay a fair price to get fair value.
    6 Dec 2013, 08:59 AM Reply Like
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