Deals
Total, Oil Search Divvy InterOil Assets in $2.2 Billion Deal
- Oil Search pays $2.2 billion for 100% of PNG-focused InterOil
- Total to buy about 60% of InterOil’s assets from Oil Search
Why Oil Search Is Buying InterOil for $2.2 Billion
This article is for subscribers only.
Total SA and Oil Search Ltd. will divide the Papua New Guinea assets of InterOil Corp. in a two-step deal as global energy companies seek to expand the Pacific nation’s liquefied natural gas exports.
After buying 100 percent of its fellow Papua New Guinea explorer for $2.2 billion, Oil Search will then sell the majority of the acquired gas and exploration assets to Paris-based Total for about $1.2 billion up front, according to a Friday. InterOil’s current market capitalization is about $1.57 billion. Oil Search said the deals will lead to greater integration between the country’s two LNG projects.