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Wed, Mar. 26, 4:02 AM
- Total (TOT) has agreed to acquire a 40.1% holding in the Elk-Antelope gas field in Papua New Guinea (PNG) from InterOil (IOC) for $1.62-3.5B, depending on how much gas is found.
- Total was originally going to buy 61.3%, but the amount was reduced after Oil Search (OISHF, OISHY) purchased a 22.8% interest in the reserves earlier this month. InterOil will retain 35.5%
- Total will pay $401M up front and the rest in later installments based on certain factors. (PR)
Thu, Feb. 27, 8:55 AM
- Oil Search (OISHF, OISHY) says it will sell A$1.2B (US$1.09B) in shares to fund a purchase of stakes in two large natural gas discoveries in Papua New Guinea.
- Oil Search says it will use the funds to buy a 22.8% stake in a license that includes the Elk and Antelope gas fields from closely held Pac LNG Group for US$900M; the fields are being developed by Total (TOT) and InterOil (IOC).
- Oil Search will issue 149.4M new shares at A$8.20 each to the government of Papua New Guinea to fund its entry into the Elk and Antelope developments.
- The deal brings Oil Search inside both major energy joint ventures in the country, led by Exxon Mobil's (XOM) $19B PNG LNG project, where Oil Search owns a 29% stake.
Thu, Feb. 6, 12:37 PM
- InterOil (IOC +3.4%) moves higher on a report suggesting that Woodside Petroleum (WOPEF, WOPEY) may enter into IOC's Papua New Guinea gas projects.
- In related news, Reuters reports the country has decided to raise A$1.68B to pay off a bond it issued to Abu Dhabi in 2009 instead of giving up a strategic stake in oil and gas producer Oil Search (OISHF, OISHY).
- Royal Dutch Shell (RDS.A, RDS.B), Total (TOT) and Woodside are said to be eyeing a possible stake in Oil Search, which owns a 29% stake in the $19B PNG liquefied natural gas project.
May. 23, 2013, 10:43 AMThe fastest revenue growth in the oil industry is putting Papua New Guinea’s Oil Search (OISHF.PK) in line for Asia's largest-ever energy takeover, Bloomberg speculates. Its $19B PNG LNG venture with Exxon, sure to spin off lots of cash, starts shipments to Asia next year, and the 80%-complete project is supported by the government and local communities. XOM, TOT and Australia's Woodside could be interested. | Comment!
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