Exxon's PNG InterOil plan has hit some hurdles
The company's bid comes unstuck over undervalued gas reserves
ExxonMobil is running into new hurdles as it tries to buy Papua New Guinea (PNG)-based gas explorer InterOil. The move would give it a dominant role in one of Asia-Pacific's most competitively priced sources of liquefied natural gas. Despite implicit endorsement from the PNG government and after trumping rival takeover efforts by Woodside Energy and Oil Search, Exxon's move is being thwarted by InterOil's founder and third-largest shareholder, Phil Mulacek, who says the bids still significantly undervalue the target's hydrocarbon assets. Exxon launched an $2.5bn unsolicited scrip-based bid - a bid offering shares instead of cash - for InterOil in mid-2016 but raised this to around $3.9bn in
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
