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Posts Tagged ‘Arrow Energy’

Shell, PetroChina suffer $1.4bn Arrow Energy hit

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  • Matt Chambers
  • The Australian
  • March 18, 2016 12:00AM

Screen Shot 2016-02-17 at 08.47.47Oil 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. read more

Australia watchdog clears Shell’s $70 billion bid for BG Group

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MELBOURNE | BY SONALI PAULBusiness News | Thu Nov 19, 2015 

Royal Dutch Shell (RDSa.L) cleared a major hurdle to its $70 billion (46 billion pounds) takeover of BG Group (BG.L) on Thursday, winning a green light from Australia’s competition watchdog, which said the deal would not change the dynamics of the domestic market.

The acquisition will make Shell the world’s top liquefied natural gas (LNG) trader, although it still needs approval from China and Australia’s Foreign Investment Review Board to go ahead as planned in early 2016. read more

ACCC clears Shell’s $98b takeover of BG Group

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To the relief of Shell, the Australian Competition and Consumer Commission waved through the mega-merger on Thursday…

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Angela Macdonald-Smith: Energy Reporter

East coast gas buyers left disappointed by the competition regulator’s unconditional approval for Royal Dutch Shell’s $US70 billion ($98 billion) takeover of BG Group have turned their attention to the Foreign Investment Review Board as they look for conditions to be put around the deal.

To the relief of Shell, the Australian Competition and Consumer Commission waved through the mega-merger on Thursday, which will align the oil giant’s undeveloped gas in Queensland – held in the Arrow venture with PetroChina – with BG’s $28 billion LNG export project in Gladstone. read more

Shell Australia chairman Andrew Smith says LNG needed to develop Arrow gas

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By Energy Reporter: Angela Macdonald-Smith: 12 Nov 2015

Shell Australia chairman Andrew Smith has insisted there are no issues of competition raised in eastern Australia with the oil giant’s planned $US70 billion ($98 billion) takeover of BG Group and that letting the deal proceed is the best way of ensuring the company’s undeveloped gas resources in Queensland reach buyers.

“What this market needs is more gas to be developed into the market,” Mr Smith said.

“By approving the combination that will allow for the earliest introduction of Arrow’s resource base into the east coast market,” he said, without pre-empting the November 19 decision due on the deal from the Australian Competition and Consumer Commission, which voiced reservations about it in September. read more

Plan for equality on Shell merger

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Plan for equality on Shell merger

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Jane Harper: Herald Sun: November 8, 2015 

A PEAK manufacturing group has urged the competition watchdog to place conditions on Royal Dutch Shell’s multibillion-dollar buyout of oil and gas heavyweight BG Group.

The proposed $US70 billion ($99 billion) deal would be one of the biggest in the oil and gas sector’s history.

The Australian Competition and Consumer Commission is due to announce its decision on November 19, but has raised concerns about the potential impact on gas supply.

Manufacturing Australia has made fresh calls for the ACCC to lay down parameters to ensure gas is made available to domestic and international customers in a “transparent and equal” manner.

Manufacturing Australia said it feared the merger would undermine efforts to reform what it said was presently a dysfunctional gas market. read more

Shell’s Simon Henry won’t rule out write-down on Arrow LNG in Queensland

Simon Henry, CFO, Royal Dutch Shell Plc

Simon Henry, CFO, Royal Dutch Shell Plc

Article by Angela Macdonald-SmithEnergy Reporter, The Sydney Morning Herald: 1 May 2015

Royal Dutch Shell has declined to rule out a write-down of its multibillion-dollar investment in its Arrow Energy natural gas venture in Queensland, depending on decisions taken to develop the gas after the oil major’s $US92 billion ($116.62 billion) takeover of BG Group.

Chief financial officer Simon Henry told investors in London that the Arrow venture, owned equally by Shell and PetroChina, needed to think about “the best way forward to monetise” Arrow gas and create value from its position.  read more

Struggling Shell defers Arrow LNG project again

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Screen Shot 2013-12-22 at 19.09.52Angela Macdonald-Smith: February 1, 2014

Royal Dutch Shell has ruled out any commitment this year to the development of its Arrow liquefied natural gas venture in Queensland and signalled a more rigorous approach to other new projects in Australia, where it is also considering big asset sales.

Global chief executive Ben van Beurden would not comment on whether Shell’s remaining $7.4 billion stake in Woodside Petroleum would be among the $US15 billion ($17 billion) of divestments targeted for 2014-15. read more

Shell’s Arrow Energy to slash hundreds of jobs

Screen Shot 2014-01-16 at 16.48.42Royal Dutch Shell’s Arrow Energy coal seam gas venture in Queensland is set to cut potentially hundreds of jobs as speculation mounts that the proposed LNG project will be a casualty of reined-in spending by the oil major. One source said up to 600 jobs would go, representing half of the workforce.

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Angela Macdonald-Smith: January 20, 2014

Royal Dutch Shell’s Arrow Energy coal seam gas venture in Queensland is set to cut potentially hundreds of jobs as speculation mounts that the proposed LNG project will be a casualty of reined-in spending by the oil major.

One source said up to 600 jobs would go, representing half of the workforce. Another put the figure at 400 jobs out of the 1200 employed at the venture, which is half-owned by PetroChina.

The statement comes amid media reports that managers in Arrow were travelling to regional centres in Moranbah and Dalby to kick off the job reductions. read more

Arrow Energy gas plant gets the green light from government

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WITH four strokes of his pen, Federal Environment Minister Greg Hunt has given approval to a suite of enormously expensive and controversial projects planned for Central Queensland and the Great Barrier Reef.

Mr Hunt approved two major projects from the Shell-owned Arrow Energy, allowing it to build a $15 billion dollar  plant on Curtis Island to convert coal seam gas to liquefied natural gas.

The final approval allows Shell, through Arrow to connect that factory to the mainland via an 9.45km underwater pipeline. read more

Worrying signs over the viability of Arrow LNG’s project

ARROW Energy’s major shareholders are Royal Dutch Shell and PetroChina. There are some disturbing signals coming from them that may see plans for the construction of a fourth LNG plant on Curtis Island go the way of the dodo.

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  •  Bob Lamont
  • 26th Nov 2013 6:28 AM

ARROW Energy’s major shareholders are Royal Dutch Shell and PetroChina. There are some disturbing signals coming from them that may see plans for the construction of a fourth LNG plant on Curtis Island go the way of the dodo.

Just remember these words from an Arrow Energy spokesman reported in a national daily: “Arrow has previously stated that it is results and value-focused and not schedule driven.”

After state approval, a Federal Government decision has been put off until December. read more

Arrow LNG a likely target in Shell spending rethink

The Arrow gas export project in Australia is a likely casualty of a tighter spending regime at Royal Dutch/Shell as the company’s new boss considers feeding output earmarked for it into a rival plant instead.

LONDON Tue Nov 12, 2013 2:56pm GMT

(Reuters) – The Arrow gas export project in Australia is a likely casualty of a tighter spending regime at Royal Dutch/Shell (RDSa.L) as the company’s new boss considers feeding output earmarked for it into a rival plant instead.

Industry sources say the move could be among the first actions of Ben van Beurden. He inherits a recent promise to invest with care when he takes over as chief executive on January 1, and is due to outline his strategy on March 13. read more

Shell says to invest $30 billion in Australia over five years

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BRISBANE | Mon May 27, 2013 3:19am BST

(Reuters) – Royal Dutch Shell plans to invest $30 billion in Australia over the next five years, the firm’s outgoing chief executive Peter Voser said in a speech at an industry conference on Monday.

Voser, who built the oil company into a leader in liquefied natural gas, announced his retirement earlier this month.

Shell has invested in gas projects in Australia and its Arrow LNG project is one of four gas export plants that was planned for Queensland’s Curtis Island, but the project is widely expected to be abandoned in favour of selling its gas resources to rival projects. read more

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