Total has signed an exclusive Memorandum of Understanding (MoU) with Papua New Guinea's oil and gas exploration and development company Oil Search, under the terms of which Oil Search will sell down 60% of InterOil’s interests in PRL 15 and 62% of InterOil’s interests in its other exploration assets to Total following the successful completion of Oil Search’s acquisition of InterOil.
Following the sell-down to Total, Oil Search expects to have an equity interest in PRL 15 of up to 37.4% (or 29.0% post government back-in), with Total holding an equity interest in PRL 15 of up to 62.1% (or 48.1% post government back-in). This equates to Oil Search selling down 60% of InterOil’s 36.5% (28.3% post government back-in) PRL15 interest to Total.
InterOil owns a 36.5% interest in the Papua LNG project (40.1% Total and 23.4% Oil Seach), which would consist in the development of a 6.8 Mt/year liquefaction terminal in Caution Bay by 2021 and would tap gas resources from the large undeveloped Elk-Antelope gas field.
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