ExxonMobil launches bidding war for InterOil

• Exxon Mobil (NYSE:XOM) has made a superior $2.2B offer for InterOil (NYSE:IOC), outbidding Oil Search (OTCPK:OISHF) for the company's large natural gas reserves in Papua New Guinea and the possibility to export the fuel from the Pacific nation.
• The move pits Exxon Mobil, the world's biggest oil company, against Total (NYSE:TOT), which is backing Oil Search. The latter has at least until July 21 to submit a revised offer.