Exxon Mobil is doubling down on Papua New Guinea, topping a rival offer for InterOil, a gas explorer focused on the Southeast Asian nation.
The energy giant’s offer values InterOil at $2.5-billion, including debt, beating an earlier bid from Oil Search and Total SA. Exxon already runs Papua New Guinea’s only liquefied natural gas terminal and buying InterOil, which has gas fields and a stake in a second gas export project in the country, would give it a new source of the fuel for its exports. Oil Search and Total have three days to decide whether to counter Exxon’s offer.
