LAST week, it was coal-seam gas thrills aplenty as Shell moved on Arrow Energy, but this week, the gaseous action turns to the North West Shelf , as MEO unveils a long-awaited partner for its promising Artemis field.
MEO, due to emerge from a trading halt today, has dropped a few clues about its deep-pocketed buddy being foreign and not already involved here.
It's hard to go past Brazil's PetroBras, the world's fifth-biggest oil company.
Artemis has to be seen in the context of its geological neighbours: Woodside's Pluto field and Chevron's Wheatstone project.
MEO is 70 per cent operator of Artemis, which has a stated P50 (50 per cent likely) resource of 12 trillion cubic feet.
Wheatstone has reserves of "only" 5tcf to 7tcf and the $12 billion Pluto development is based on reserves of 4.5tcf.
Pluto needs to access more gas if the envisaged three LNG trains are to be built.
MOG Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
