Deals
Even the Losers May Win as Exxon Outbids Partner for PNG Gas
- Oil Search shares rise to 4-month high after its bid is bested
- PNG explorer seen benefiting from integration if Exxon wins
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Being outbid by Exxon Mobil Corp. for prized Papua New Guinea natural gas assets might actually be a good thing for Oil Search Ltd.
Shares of the Sydney-based company extended gains Tuesday from the highest close in four months after it announced that Exxon topped its bid to buy InterOil Corp., the Papua New Guinea-focused gas explorer. Exxon is a partner with Oil Search in the country’s only liquefied natural gas terminal, PNG LNG. Oil Search is also a partner, along with InterOil and Total SA, in another proposed gas export project, Papua LNG.