Brazilian state-controlled Petrobras has made its debut in the Australian upstream, farming into an exploration venture that is targeting a large gas discovery that could supply an LNG export project. Under the terms of the deal with junior local explorer MEO Australia, Petrobras will initially pay up to US$80 million. This could potentially rise to a maximum of $235.5 mil- lion if the Artemis-1 well planned to be drilled later this year is successful, the two companies said Wednesday in separate state- ments. Artemis-1 is targeting a 12 trillion cu- bic foot gas prospect.
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