rival bidder?, page-16

Abalone,

You miss the point, the majors now own the resources they NEED whether they've yet converted them to reserves or not. They can still optimise their economics by buying the odd remaining minor like BOW, if they can do that cheap enough (ie low ball only).

Infrastructure development is more the issue, huge capex in a world with financing difficulties, and importantly managing the skills, procurement and contractors required to get it all together.

The GAME has changed. It's no longer simply a land/gas grab in the Wild North East of Great Desert Island.

EL