(a) Is it appropriate to think of all of Australia as a single geographic market for the production of natural gas? If so, explain why. If not, what are the relevant geographic markets?
(b) Based on your geographic market definition(s) above, would you expect the Santos / SAGASCO merger to lead to increased market power? Would you approve or deny the merger?
(c) Should regulators be concerned that Santos / SAGASCO would have a controlling share of the Moomba processing facility? Why or why not?
(d) In addition to the Santos / SAGASCO merger, SAGASCO would also like to merger with Magellan. Should regulators be concerned about this merger? Why or why not?