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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.

Arrow produces coal seam gas for sale to businesses in Queensland and has also been working on a potential $20 billion-plus LNG project. However, work on the project has slowed amid a glut of LNG construction in Queensland, involving three similar projects already being built on Curtis Island in Gladstone.

Shell’s shock profit warning last Friday had already heightened speculation that the Arrow LNG project won’t go ahead, and confirmed expectations that the oil giant’s stake in Woodside Petroleum and its Australian refinery business will be sold.

Same Publisher: Shell profit downgrade casts shadow over sale of Geelong refinery

: Resources reporter

Suitors for Shell’s Geelong refinery have been reminded of the extremely challenging nature of the business, with the global oil giant revealing that conditions for the downstream industry have worsened over the past year.

The refining segment of Shell’s business was one of several highlighted in a significant profit downgrade announced late on Friday night in Europe by the company’s new chief executive, Ben van Beurden.

Mr van Beurden revealed that December quarter profits had almost halved compared with the same quarter in 2012, on the back of higher exploration costs, poor conditions in refining and other ”downstream” businesses.

The profit warning was Shell’s first in almost a decade

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