Arrow and Dart Energy were joint operators in Australia. Things are going Pete Tong and this is why a bond would be necessary before and drilling or better still a ban. Fallout from CSG slump set to claim up to 400 Arrow Energy jobs ARROW Energy is expected to announce a series of redundancies from this week as the group winds back its commitment to the $10 billion Gladstone LNG project at Curtis Island. It is understood that managers will be travelling to regional areas such as Moranbah and Dalby early in the week to begin what is expected to be up to 400 redundancies throughout the gas group from a total staff of 1200. Management has not delivered any official word to staff. Arrow has said we do not comment on speculation. CEO Andrew Faulkner was tipped to deliver some news to nervous staff on Friday, but he did not mention job losses. Mr Faulkner announced to staff that the board had ratified performance bonuses, and bonuses would be paid to all staff. However, it appears Arrow is poised to become the first casualty of the runaway Gladstone LNG boom with speculation it will not proceed with plans to build a $10 billion fourth LNG train on Curtis Island and will down size its Australian operation with significant job losses. Arrow is 50 per cent owned by Shell and 50 per cent by PetroChina. It has already been winding back staff and reducing overheads. Several weeks ago Arrow let about 60 full-time in-house contractors go and cancelled their graduate program. Cleaning contractors have been told the numbers of floors at the head office at 111 Eagle St to be cleaned will be reduced from 10 to five, less than 10 months after staff moved in following a $30 million fit out and signing of a 10-year $200 million lease. Arrow has received government approval for the Gladstone project but that is no guarantee it will proceed. Shell has also made it clear that it is in deep cost cutting mode. The group warned from London on Friday night that its profits were poised to land significantly lower than recent levels. couriermail.au/.../story-fnihsps3... Fallout from CSG slump set to claim up to 400 Arrow Energy jobs couriermail.au
Posted on: Mon, 20 Jan 2014 07:28:48 +0000
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