Report: Shell eyes InterOil PNG assets

Business, Normal
Source:

The National, Monday 30th July 2012

ROYAL Dutch Shell Plc is in talks to buy into liquefied natural gas producer InterOil Corp’s Papua New Guinea exploration licences, Dow Jones reported.
“We have been in talks with InterOil and other interested parties, but we can’t say where (they are) going,” Shell CFO Simon Henry told Dow Jones Newswires.
InterOil declined comment on the Dow Jones report and Reuters could not immediately reach Shell for a comment.
Shares of InterOil were up 13% at US$85.58 last Thursday afternoon on the New York Stock Exchange.
In Papua New Guinea, InterOil has petroleum licences covering about 3.9 million acres.
InterOil, which plans to build a nine million metric tonnes a year LNG terminal in Papua New Guinea at a cost of US$6 billion, wants to sell a 25% stake in the project.
Dow Jones reported that Shell chief executive Peter Voser skirted a question on whether Shell was preparing a takeover bid for the Houston-based InterOil.
“It’s an interesting play there,” Voser said.
 “We have talked to the government, we are looking at it.”
Shell abandoned a bid for Cove Energy Plc earlier this month.
Shell gave no reason for withdrawing, but a source familiar with the bid process said it did not want to overpay. – Reuters