First of all, Art, the "up to" being at only $3.6 billion is just plain wrong and illustrates they don't even know the basics of the deal.
Also, as I understand it, none of IOC's remaining stake after the purchase by Total is up for sale to a potential additional partner, as you mention. Total has indicated they may resell up to 19.3% gross of its 61.3% gross purchase from IOC; I think the article essentially has that straight, except for identifying the sale as E/A rather than PRL 15.
The article also shows a basic misunderstanding of the agreement and the minority interests aspect of it in its description of that, saying Total's getting money from OSH would allow Total to "mop up minority owners" and thereby benefit InterOil. Huh?! InterOil is responsible for buying them out, which then becomes part of its 38.7% gross, using at least in part the proceeds from Total for its 61.3%, regardless of what Total does with any of its 61.3% gross; and that is what Total has agreed to regardless of whether it resells any.
Furthermore, Total may want to spread some of the risk of its likely 47.5% net position as is typical in the industry, or make a front-end profit on it, and/or bring in another partner who would provide certain other benefits; but if the author of the article thinks Total is primarily highly concerned about how "costly" PNG is, he should check out the costs of such projects in Australia where Total has some interests. Also, PNG is not nearly as "unpredictable" as it used to be, when XMO started its project.
Also, as I understand it, none of IOC's remaining stake after the purchase by Total is up for sale to a potential additional partner, as you mention. Total has indicated they may resell up to 19.3% gross of its 61.3% gross purchase from IOC; I think the article essentially has that straight, except for identifying the sale as E/A rather than PRL 15.
The article also shows a basic misunderstanding of the agreement and the minority interests aspect of it in its description of that, saying Total's getting money from OSH would allow Total to "mop up minority owners" and thereby benefit InterOil. Huh?! InterOil is responsible for buying them out, which then becomes part of its 38.7% gross, using at least in part the proceeds from Total for its 61.3%, regardless of what Total does with any of its 61.3% gross; and that is what Total has agreed to regardless of whether it resells any.
Furthermore, Total may want to spread some of the risk of its likely 47.5% net position as is typical in the industry, or make a front-end profit on it, and/or bring in another partner who would provide certain other benefits; but if the author of the article thinks Total is primarily highly concerned about how "costly" PNG is, he should check out the costs of such projects in Australia where Total has some interests. Also, PNG is not nearly as "unpredictable" as it used to be, when XMO started its project.