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  • Apr 17, 2020 AEST
  • Team Kalkine

Royal Dutch Shell says it has made a final investment decision to develop the first phase of Australia's biggest coal seam gas resource in Queensland.

The first phase of the $10 billion Surat Gas Project would bring as much as 90 billion cubic feet per year of new natural gas to market at peak production, Shell said in a statement.
The project is being developed by a Shell and PetroChina joint venture called Arrow Energy. Construction will start this year and its first gas sales are expected in 2021.

Coca Cola Amatil has signalled $140 million in savings through several measures to weather the coronavirus.

The company also said non-critical projects had been deferred, reducing capital expenditure for FY2020 from $300 million to $200 million.

Jewelry group Michael Hill suffered an 11.9 percent dive in third-quarter revenue across its global network. The group said its 300-odd stores across Australia, Canada and New Zealand recorded $105.06 million in revenue for the quarter - down from $119.3 million.

Shares in the company were worth 36 cents before trade on Friday and have nearly halved in value in 2020 so far against a 19 percent downturn for the ASX/200.

As per the latest data released by the ABS, the trend monthly hours worked remained unchanged between February and March 2020. This resulted slowing growth in hours worked in recent months.

 

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