InterOil

InterOil was an oil and gas company incorporated in Canada in 1997 whose principal business focus was Papua New Guinea. The company operated from offices in Singapore and Port Moresby and built its portfolio around exploration acreage, appraisal drilling, and the potential development of large natural-gas resources. Its assets included oil and gas exploration licences covering approximately 3.9 million acres, an area described in reference material as larger than Qatar, as well as the Elk-Antelope gas field in Papua New Guinea's Gulf Province. The Elk-Antelope discovery became the defining asset of InterOil's corporate identity and investment case. The field was held within Petroleum Retention Licence 15 and was being advanced as the proposed foundation of Papua New Guinea's second major liquefied natural gas project. InterOil pursued the development in partnership with TotalEnergies and Oil Search, positioning the company less as a mature producing major than as a resource-holder and project developer seeking to convert a substantial gas discovery into an export-oriented LNG operation. InterOil's exploration activity included appraisal drilling intended to establish the scale and commercial quality of its discoveries. On February 17, the company announced that its Antelope-5 onshore appraisal well had encountered a reservoir in Papua New Guinea's Gulf Province. The result was part of the continuing technical and commercial evaluation of the Elk-Antelope resource. The company's portfolio and project potential made it a significant participant in Papua New Guinea's upstream sector, even though its principal value was tied to assets still under development rather than to a broad international network of producing operations. Before its acquisition, InterOil employed more than 2,000 staff and contractors. It was listed on both the New York Stock Exchange and the Port Moresby Stock Exchange, giving it access to international capital markets while maintaining a direct presence in Papua New Guinea. Reference material reported a market capitalization of approximately $2.8 billion during the period before the transaction; this figure is historical and should not be treated as a current valuation. On July 21, 2016, ExxonMobil announced an agreement to acquire InterOil for $2.5 billion. The transaction transferred control of InterOil's assets and ended its independent existence as a listed oil and gas company. InterOil confirmed completion of the acquisition on February 22, 2017. After the transaction, the InterOil corporate brand ceased to operate as an independent public-company brand, while the underlying Papua New Guinea assets became part of ExxonMobil's portfolio. Its historical importance rests chiefly on its role in identifying and advancing the Elk-Antelope gas resource and in helping establish the project platform that attracted a global energy major.

InterOil was formed in 1997 and incorporated in Canada as an oil and gas company with a primary focus on Papua New Guinea. Its operating presence was centered on Singapore and Port Moresby, reflecting both its international corporate structure and its concentration of field activity in Papua New Guinea. The company assembled a large exploration position, with oil and gas licences covering approximately 3.9 million acres. The company's principal strategic asset was the Elk-Antelope gas field in Papua New Guinea's Gulf Province. The field was located within Petroleum Retention Licence 15 and became the basis for plans to develop Papua New Guinea's second major LNG project. InterOil worked with TotalEnergies and Oil Search in advancing the project concept. The company's role involved exploration, appraisal, resource definition, and preparation for a potential large-scale gas development rather than a diversified global producing business. Appraisal drilling was central to the technical evaluation of the resource. InterOil announced that its onshore Antelope-5 appraisal well had found a reservoir in the Gulf Province. This work contributed to the continuing assessment of the Elk-Antelope accumulation and its suitability for LNG development. The company's exploration acreage and gas resource gave it a prominent position in Papua New Guinea's upstream industry and attracted the attention of larger international energy companies. Before the acquisition, InterOil employed more than 2,000 staff and contractors. It was listed on the New York Stock Exchange and the Port Moresby Stock Exchange. Historical reference material reported a market capitalization of approximately $2.8 billion, although this was a pre-acquisition figure and does not represent a current market value. On July 21, 2016, ExxonMobil announced its intention to acquire InterOil for $2.5 billion. The transaction was strategically linked to InterOil's Papua New Guinea gas assets, particularly the Elk-Antelope project and the surrounding exploration portfolio. InterOil confirmed on February 22, 2017, that the acquisition had been completed. The transaction ended InterOil's existence as an independent listed company and transferred its assets into ExxonMobil's upstream portfolio. Consequently, InterOil is now best understood as a former corporate brand and historical petroleum company rather than an active standalone operator.

• 2017

  Acquisition is completed

  [1]InterOilen.wikipedia.org

  InterOil confirmed completion of its acquisition by ExxonMobil on February 22, ending its independent corporate existence.

• 2016

  ExxonMobil announces acquisition plan

  [1]InterOilen.wikipedia.org

  ExxonMobil announced an agreement to acquire InterOil for $2.5 billion.

• 1997

  InterOil is formed

  [1]InterOilen.wikipedia.org

  InterOil was formed as a Canadian-incorporated oil and gas company focused primarily on Papua New Guinea.

• Antelope-5 appraisal well reports a reservoir

  [1]InterOilen.wikipedia.org

  InterOil announced that its onshore Antelope-5 appraisal well had found a reservoir in Papua New Guinea's Gulf Province.

A Papua New Guinea-focused upstream exploration and gas-development company whose strategic value was concentrated in the Elk-Antelope resource and associated LNG potential.

• Natural gas asset

  Elk-Antelope gas field

  The Elk-Antelope field in Papua New Guinea's Gulf Province was InterOil's central asset and the basis for plans for a major LNG development. It was held within Petroleum Retention Licence 15 and was being advanced with TotalEnergies and Oil Search. The field represented the company's principal strategic and commercial opportunity before the ExxonMobil acquisition.

• Oil and gas exploration

  Exploration licence portfolio

  InterOil held exploration licences covering approximately 3.9 million acres. The acreage supported the company's Papua New Guinea-focused exploration strategy and complemented its appraisal and development work around the Elk-Antelope resource.

• 2016

  Accept ExxonMobil acquisitionM&A

  Background

  InterOil's exploration portfolio and Elk-Antelope gas development opportunity attracted ExxonMobil, which announced a proposed acquisition valued at $2.5 billion.

  Action taken

  ExxonMobil proceeded with the acquisition of InterOil.

  Aftermath

  The transaction was completed on February 22, 2017, and InterOil ceased to operate as an independent listed company.

  Announced acquisition value. $2.5 billion (2016 announcement; completed February 22, 2017)

  Source

• 2022.03.08

  Reported2022.03.08

  Sintana completes acquisition of Inter Oil interest[2]Sintana完成收购Inter Oil股权finance.yahoo.com

  Sintana announced completion of its acquisition of 49% of Inter Oil's outstanding shares from Grisham Assets Corp.; Inter Oil indirectly holds offshore petroleum exploration license interests and an indirect 30% interest in onshore Block 1918B.

Read more

1. 1InterOilen.wikipedia.org
2. 2Sintana完成收购Inter Oil股权finance.yahoo.com