Gas Jewel on Pacific Island Coveted in Australian Takeover Spree

  • More than $24 billion bid in Australian oil, gas deals in 2015
  • Scepter's $5.15 billion offer for Santos rejected Thursday

The record $24 billion offered for Australian oil and gas companies this year is less about assets in that country and more focused on its smaller neighbor -- Papua New Guinea and Exxon Mobil Corp.’s liquefied natural gas project on the Pacific nation.

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