Arrow backs out of NSW licence to focus on LNG projects
ARROW Energy has dropped out of coal seam gas licences in a number of areas across Queensland and New South Wales to better focus on the development of its CSG to LNG project.
Arrow, which is slated to develop the fourth LNG site on Curtis Island, said it was planning to back out of NSW completely, and was planning to transfer its coal seam gas licence to Dart Energy, pending government approval.
Arrow said the deal would allow it to focus on its established Queensland domestic gas operations and development of its CSG to liquefied natural gas project, but it also follows Metgasco's decision last week to suspend its $100 million project in northern NSW after local protests and increased regulation.
The company expects further reserve growth this year.