While the big end of the Queensland liquefied natural gas industry has been capturing most of the market’s attention, there’s plenty of scope for M&A action among the smaller players, Bell Potter Securities reckons.

Liquefied Natural Gas Limited , which has all the approvals in place for its Gladstone LNG project but no gas agreements, may find itself at the centre of the play, potentially attracting attention from Metgasco , Bow Energy or Blue Energy , resources and energy institutional analyst Stuart Howe says.