Oil Search Bows To ExxonMobil In Battle For InterOil

Australia's Oil Search Ltd has cleared the way for ExxonMobil Corp to take over InterOil Corp for $2.2 billion, giving the U.S. giant access to a rich new gas field to expand its exports from Papua New Guinea.

The move could lead ExxonMobil and French giant Total SA to tie together their competing gas interests in the South Pacific nation, cooperating to reduce costs as they battle cheap oil and liquefied natural gas (LNG) prices.