Exxon forces consolidation on Papua New Guinea’s LNG
The US firm’s deal for a stake in a second gas-export project looks like a defeat for rival operator Total. But the synergies make sense
Total looks to have relinquished a stake in its planned Papua LNG project to ExxonMobil after the US major successfully trumped an earlier takeover bid for InterOil by Oil Search, the French group's two partners in its planned Papua New Guinea gas project. It follows a similar A$11.6bn ($8.9bn) bid for Oil Search by Australia's Woodside Petroleum last year. At first sight, the tussle for Canadian-registered mid-cap InterOil appears counterintuitive in a region awash with liquefied natural gas. But the opportunity to extract significant, high-quality gas at low cost is what is driving the bids. Of prime appeal is InterOil's 36.5% interest in PNG's offshore tenement PRL 15, which includes the
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
