The Chinese are often touted as having a long-term, multi-generational view when it comes to some things - like energy security.
They are also scouring the world looking for energy investments that are profitable and fit a strategic need (including aligning various 3rd world countries with them politically and economically).
Lastly, it is known that one of the quickest ways to deal with air pollution problems in China (and elsewhere) is to shut down coal burning power generating plants and replace them with natural gas combined cycle plants.
So... The Chinese Oil Companies have money to invest. Why have they not made a run at acquiring InterOil lock stock and barrel ? Is there some governmental impediment to them taking out InterOil at $120/share ? If they wanted to be partners with a western oil company, they could even make their offer now at $120 (or some other number) per share contingent on the deal closing with TOTAL. Otherwise, just go for the whole enchilada (except for the PNG 22.5%).
Questions, questions, questions ....