Oil Search Drops InterOil Bid After ExxonMobil Offer

Mohammad Ali (@ChaudhryMAli88) Published July 21, 2016 | 01:51 PM

Oil Search drops InterOil bid after ExxonMobil offer

SYDNEY,(UrduPoint / Pakistan Point News - 21st july,2016) - Australian resources company Oil Search Thursday pulled out of a plan to buy rival InterOil after its bid was bettered by US giant ExxonMobil. The move leaves the way clear for the American firm to acquire the Papua New Guinea explorer, with expectations that PNG will be well-placed to meet surging liquefied natural gas demand in Asia over the coming years.

Oil Search combined with France's Total in May to make a US$2.2 billion offer for the PNG energy firm.

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