- Matt Chambers
- The Australian
- March 18, 2016 12:00AM
Oil giants Shell and PetroChina have been forced into a further $1.4 billion writedown on their Arrow Energy coal-seam gas joint venture in Queensland after drilling in the Bowen Basin failed to deliver expected results and has delayed the project.
The writedowns, revealed in annual accounts filed with the Australian Securities & Investments Commission, came with an indefinite delay to the Bowen Basin project and 150 job losses at the joint venture company, which was formed in 2010 to acquire the then ASX-listed Arrow for $3.5bn.