After months of an on again off again takeover deal, major PNG gas reserves holder InterOil Corporation has reported that its acquisition by ExxonMobil has been completed.
The takeover had been held up by dissident shareholder and former CEO Phil Mulacek had successfully had the deal blocked in a Yukon Court.
But after more strong shareholder support and a successful court appeal InterOil has finally been able to announce the completion of the transaction with Exxon Mobil.
The settling of the takeover has been welcomed in PNG where the participants in the Total-led Papua LNG Project (of which Exxon is now a member) and the Exxon-led PNG LNG Project can now sit down to discuss potential collaboration.
Leading PNG company Oil Search Ltd (a member of both groups) believes that there is the potential for gas from Papua LNG’s giant Elk/Antelope fields to be integrated into a proposed expansion of the PNG LNG project.
This would potentially save the participants billions and speed up the proposed PNG LNG expansion.