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Researched by Industrial Info Resources (Sugar Land, Texas)--An oil and gas leader is likely to grow further after the Supreme Court of Yukon approved Exxon Mobil Corporation's (NYSE:XOM) (Irving, Texas) proposed acquisition of InterOil Corporation (NYSE:IOC) (Whitehorse, Yukon), a transaction that is valued at more than $2.5 billion. Industrial Info is tracking $3.67 billion in projects involving InterOil, as well as $870 million in projects owned by ExxonMobil that are based in Papua New Guinea, the Philippines and Singapore, where InterOil does the bulk of its business.
Although InterOil's work is based in Southeast Asia and Oceania, its registered office is in Whitehorse. The provincial Supreme Court's decision follows a contested hearing in late September, and the jurists found the transaction to be "fair and reasonable." InterOil's shareholders approved ExxonMobil's takeover last month.
"This agreement will enable ExxonMobil to create value for the shareholders of both companies and the people of Papua New Guinea," said Rex W. Tillerson, chairman and chief executive officer of ExxonMobil, in a July press release announcing the deal. "InterOil's resources will enhance ExxonMobil's already-successful business in Papua New Guinea, and bolster the company's strong position in liquefied natural gas."
The largest project involving InterOil has been in its planning phase for several years: Total S.A.'s (NYSE:TOT) (Paris, France) $2.5 billion liquefied natural gas (LNG) production facility in Port Moresby, Papua New Guinea. The plant, which is part of the broader Papua LNG project, would have a capacity of 2 million metric tons per year of LNG and be situated near ExxonMobil's existing PNG LNG Production Plant. For more information, see Industrial Info's project report.
InterOil owns 36.5% of the Papua LNG project, which also includes the proposed $600 million offshore and $200 million onshore sections of a natural gas pipeline, and a $200 million natural gas-processing plant. The 265-kilometer and 75-kilometer onshore lines, which include a separate line for condensate, have not yet had their capacities or diameters defined; the onshore pipeline will begin at the proposed processing plant, near the Purari River, traverse a nearby jungle and connect with the offshore section, which will lead to the above-mentioned LNG production facility. For more information, see Industrial Info's project reports on the offshore and onshore pipelines, and the processing plant.
Total owns 40.1% and is the operator of the Papua LNG project, while Oil Search Limited (Port Moresby) owns 22.8% and other minorities own 0.5%.
ExxonMobil's largest project proposed for Papua New Guinea is the $200 million natural gas field development near the town of Idauwi. If built, production wells are expected to be roughly 3,000 meters deep, and the product would be used as feedstock at ExxonMobil's existing PNG LNG Production Plant. For more information, see Industrial Info's project report.
ExxonMobil's largest project in Singapore is under construction: the $500 million addition of halobutyl rubber and hydrocarbon resin units at the ExxonMobil Singapore Chemical facility. It is expected to produce 140,000 metric tons per year of halogenated butyl (halobutyl) rubber for tires, and 90,000 metric tons per year of hydrogenated resin as a tackifying resin. The addition is slated to be completed in the summer of 2017. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Although InterOil's work is based in Southeast Asia and Oceania, its registered office is in Whitehorse. The provincial Supreme Court's decision follows a contested hearing in late September, and the jurists found the transaction to be "fair and reasonable." InterOil's shareholders approved ExxonMobil's takeover last month.
"This agreement will enable ExxonMobil to create value for the shareholders of both companies and the people of Papua New Guinea," said Rex W. Tillerson, chairman and chief executive officer of ExxonMobil, in a July press release announcing the deal. "InterOil's resources will enhance ExxonMobil's already-successful business in Papua New Guinea, and bolster the company's strong position in liquefied natural gas."
The largest project involving InterOil has been in its planning phase for several years: Total S.A.'s (NYSE:TOT) (Paris, France) $2.5 billion liquefied natural gas (LNG) production facility in Port Moresby, Papua New Guinea. The plant, which is part of the broader Papua LNG project, would have a capacity of 2 million metric tons per year of LNG and be situated near ExxonMobil's existing PNG LNG Production Plant. For more information, see Industrial Info's project report.
InterOil owns 36.5% of the Papua LNG project, which also includes the proposed $600 million offshore and $200 million onshore sections of a natural gas pipeline, and a $200 million natural gas-processing plant. The 265-kilometer and 75-kilometer onshore lines, which include a separate line for condensate, have not yet had their capacities or diameters defined; the onshore pipeline will begin at the proposed processing plant, near the Purari River, traverse a nearby jungle and connect with the offshore section, which will lead to the above-mentioned LNG production facility. For more information, see Industrial Info's project reports on the offshore and onshore pipelines, and the processing plant.
Total owns 40.1% and is the operator of the Papua LNG project, while Oil Search Limited (Port Moresby) owns 22.8% and other minorities own 0.5%.
ExxonMobil's largest project proposed for Papua New Guinea is the $200 million natural gas field development near the town of Idauwi. If built, production wells are expected to be roughly 3,000 meters deep, and the product would be used as feedstock at ExxonMobil's existing PNG LNG Production Plant. For more information, see Industrial Info's project report.
ExxonMobil's largest project in Singapore is under construction: the $500 million addition of halobutyl rubber and hydrocarbon resin units at the ExxonMobil Singapore Chemical facility. It is expected to produce 140,000 metric tons per year of halogenated butyl (halobutyl) rubber for tires, and 90,000 metric tons per year of hydrogenated resin as a tackifying resin. The addition is slated to be completed in the summer of 2017. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
