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Bharat Vasandani Madhavan N. & Hari... Urvish Dave

Market & Company Research Store > Details

Year: 2012

Contents: 6 pages

Country: Papua New Guinea

Sector: Exploration and Production (Energy)
Total to Acquire Interests in Five Exploration Licenses in Prolific Papua New Guinea from Oil Search - Acquisition to Help Total Enter PNG for Developing the Country’s Natural Gas and LNG Potential – Deal Analysis from GlobalData

Summary

Total S.A (Total) has agreed to acquire equity interest in five onshore and offshore exploration licenses in Papua New Guinea (PNG), from Oil Search Limited (Oil Search). The terms of the deal includes firm as well as contingent components. The firm component of the deal involves reimbursement of past license costs, acquisition of seismic information in the onshore licenses and partial carry of the initial offshore drilling program. The contingent component of the deal involves success based cash payments and partial carry up to seven offshore exploration and appraisal wells and eight onshore wells. The transaction is subject to approval of the Minister for Petroleum and Energy and PNG authorities.

Scope

- Rationale behind Total acquiring interests in five exploration licenses in Papua New Guinea (PNG).
- Rationale behind Oil Search introducing a strategic partner to share the exploration and appraisal drilling risk in PNG.
- Geography Covered- Papua New Guinea

Reasons to buy

- To know about Total entering the prolific Papua New Guinea (PNG) by acquiring stakes in five exploration licenses.
- Develop a sound understanding of how acquisition will help Total in developing PNG’s natural gas and LNG potential.
- To understand how the acquisition will facilitate Oil Search to mitigate exploration risks and help it to gain the expertise in LNG from Total.
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