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