Argus reported that Brazil's state controlled oil firm Petrobras plans to give up its 50% interest in the WA 360 P exploration permit that contains the potential 12 trillion feet Artemis prospect in the Carnarvon basin, offshore Western Australia. Petrobras farmed into the permit in April 2010.

Australian independent MEO Australia, which owns 25% of WA 360 P, said the permit holding does not meet Petrobras' materiality threshold. Once Petrobras completes its withdrawal its stake will initially be allocated to the remaining partners. Australian independents Cue Resources and Moby Oil and Gas own 15% and 10% respectively of the permit.

WA 360 P lies between the gas fields of the 16.3 million tonnes per annum Northwest Shelf LNG venture, operated by Australian independent Woodside Petroleum, and Chevron's Wheatstone gas field, which will underpin the proposed 8.9 million tonnes per annum Wheatstone LNG project. MEO plans to finalise a renewal of the permit by the end of October 2011.

(Sourced from www.argusmedia.com)