Deal insight

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

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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 contains

  • Document

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

    PDF 2.14 MB

Table of contents

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

Tables and charts

This report includes 6 images and tables including:

Images

  • Gulf Region of Papua New Guinea
  • Deal consideration in resource upside scenario
  • Recent LNG feedgas deal metrics
  • Wood Mackenzie valuation (NPV10); one train development under varying start-up and LNG pricing scenarios

Tables

  • Transaction details: Table 1
  • Upstream assets: Table 1

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