Arrow Energy could be cutting jobs this week and winding back its commitment to a $10b LNG project.
Arrow Energy could be cutting jobs this week and winding back its commitment to a $10b LNG project. Contributed

Arrow Energy confirms job cuts are imminent

UPDATE: ARROW Energy workers face a nervous wait after word surfaced of hundreds of job cuts within the company.

It is believed up to 400 staff are facing the axe - a third of Arrow's entire workforce.

The cutbacks come amid reports Shell group will pull out of the company's $10 billion Gladstone LNG project, opting to focus its investment on its five other liquid natural gas projects in Australia.

Arrow Energy is currently a joint 50/50 venture between Shell and Petrochina.

The company is yet to confirm the number of jobs that will be shed and whether its Surat Basin workers will be affected.

"Arrow Energy can confirm that it has conducted a review of staffing levels as it manages costs," a spokesman said.

"While the company acknowledges this will be a difficult time for employees, it is committed to supporting them through this transition.

"The company remains focused on finding additional value and reducing overall costs.

"Arrow will continue to assess development options, including collaboration opportunities, as it looks to develop significant gas reserves."

 

UPDATE: ARROW Energy bosses are reportedly travelling to Dalby this week to announce job cuts as the company winds back its commitment to the $10b Gladstone LNG project.

Media reports say Arrow will not proceed with plans to build a fourth LNG train on Curtis Island. Job cuts are also expected in Gladstone.

>> ARE YOU AFFECTED BY THE JOBS CUTS? LET US KNOW HERE

The company is expected to cut back on its overall Australian operation.

Arrow's LNG project was given Federal Government approval late last year.



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