Exxon bid values Papua New Guinea gas explorer at $2.5 billion Oil Search, Total to axe joint-bid if InterOil chooses Exxon Exxon Mobil Corp. is the leader in the clubhouse to buy Papua New Guinea-focused gas explorer InterOil Corp. after Oil Search Ltd. declined to submit a counteroffer. Oil Search and Total SA had offered to buy InterOil in May in a deal that valued the company at $2.2 billion. The two companies agreed to terminate their joint effort if InterOil cancels their agreement and instead opts to enter a deal with Exxon, which made a $2.5 billion counteroffer on July 18, Oil Search said in a statement Thursday. An Exxon deal is welcome to Oil Search because it would drive integration between Papua New Guinea’s two liquefied natural gas projects, lowering costs and making them more competitive in an over-supplied market, Oil Search Managing Director Peter Botten said […]