[quote='Thylacine-2' pid='30842' dateline='1383588505']
I expect Exxon to try and avoid the risks of a bidding war for IOC, including a high takeover price and/or losing IOC to a rival. Their infrastructure in PNG will allow them to bid competitively for access to IOC resources and projects. I expect them to try and structure outcomes of current negotiations to improve their competitive position for access to resources yet to be discovered.
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That may be what Exxon wants but Hession opened up the bidding and IOC board, Shell and others may not want that. Time will tell. I have been on board of directors on both sides....many times when a large deal is being proposed to a board...a wise board member will interject..."well if we are going to have to pay that much for this prized asset, how much more would we have to pay to get the whole company"...you can be sure Exxon board has asked that question.