ArrowEnergy decided to reduce its Queensland LNG project staff. The company is owned as to 50% by Shell and PetroChina. Wrigley owns approximately 6,150 gigajoules of CBM reserves. The Queensland project is located on Curtis Island with a total investment of several billion US dollars and plans to build two to four production lines. The project has more than 1,200 employees. In addition, Shell also agreed to sell its equity in two energy projects in Kuwait to Kuwait’s National Oil Company at a price of US$1.14 billion, which is 8% and 6.4% of the shares of Wheatstone-Iago and Wheatstone in Western Australia.
Shell has a 25% interest in Australia's Sorghum LNG project. The above two decisions should be related to the decline in corporate profits. According to a report released by the company earlier, due to factors such as rising exploration costs and reduction in oil and gas exploration, profits in the fourth quarter of 2013 fell by about 70% to only US$2.2 billion, a decrease of 5.1 billion from US$7.3 billion in the same period in 2012. Dollars.
Wrigley and a number of international energy companies, including British BG, have a total investment of up to 20 billion Australian dollars in Australia's CBM sector, involving 12 large-scale projects. Due to the high construction cost, it is expected that the investment progress of other companies in this field will also slow down.
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