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.
Table of contents
- 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
Tables and charts
This report includes 6 images and tables including:
- Transaction details: Table 1
- Gulf Region of Papua New Guinea
- Upstream assets: Table 1
- 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
What's included
This report contains:
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