Offshore staff

(Asia Pacific & Canada) � Reuters and theCanadian Press report that Canadian oil company InterOil Corp. on Tuesday says it has reached an agreement in principle to acquire Shell Papua New Guinea Ltd. after dropping a lease-back option.

The company did not disclose terms. Closing of the deal is subject to governmental approval, says InterOil.

Toronto-based InterOil operates an oil refinery, upstream petroleum exploration licences and retail and commercial distribution assets in Papua New Guinea and the surrounding area.

11/22/05