The Australian Newspaper has reported that Arrow Energy has taken a $700million writedown on its Bowen Gas Project (QLD) since mid 2014.
Job losses of up to 40% of the company have also taken place over the past year.
This impairment to the CSG project is the third of three major writedowns within the oil and gas industry, following BG Group and Santos’s major financial amendments within the past year.
Despite Arrow reporting a 2014 net loss of $1.48billion, the company has stated that the loss will not impact their current strategy. Arrow Energy is said to be remaining strong and committed to the completing their work at the Bowen development and Surat Basin reserves.