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
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
