Shell buying AGL Energy? Wesfarmers merging with Woodside Petroleum? These are two of the "big, hairy" energy M&A deals put forward by consultancy Wood Mackenzie which reckons they might not be as outlandish as they first appear.

Inspired by the pick-up in acquisition activity in the Australian oil and gas space, involving AWE, Woodside's Scarborough gas deal and Harbour Energy's rebuffed bid for Santos, the consultancy has come up with some ideas from left-field on other potential M&A scenarios.