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8 Pages

Total outflanks competition to secure interest in PNG's Elk/Antelope project


Total outflanks competition to secure interest in PNG's Elk/Antelope project

Report summary

In December 2013, InterOil announced a farm-in deal whereby Total will take 61.3% in its multi-tcf Elk/Antelope development in Papua New Guinea (PNG). Total will pay US$613 million upfront, with up to US$4 billion payable if certain milestones and resource thresholds are reached. Importantly for InterOil, it will retain 38.7% interest in the fields. Total faced stiff competition from ExxonMobil and Shell for a resource that has been on the market since 2011.

What's included?

This report includes 1 file(s)

  • Total outflanks competition to secure interest in PNG's Elk/Antelope project PDF - 2.14 MB 8 Pages, 2 Tables, 4 Figures

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Strategic rationale
    • Total
    • InterOil
    • The value of early monetisation
    • ExxonMobil and the PNG LNG partners
  • Oil & gas pricing and assumptions
    • Total Project Value
    • Costs and Production
    • Discount rate and date
    • Inflation
    • Oil price
    • LNG price
    • Abandonment costs

In this report there are 6 tables or charts, including:

  • Executive summary
  • Transaction details
    • Transaction details: Table 1
  • Upstream assets
    • Gulf Region of Papua New Guinea
    • Upstream assets: Table 1
  • Deal analysis
    • Deal consideration in resource upside scenario
    • Recent LNG feedgas deal metrics
  • Strategic rationale
    • Wood Mackenzie valuation (NPV10); one train development under varying start-up and LNG pricing scenarios
  • Oil & gas pricing and assumptions
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