The $700 million impairment was seen by Arrow as a reflection of the decrease in value due to the current economic environment.
"The impairment does not impact our strategy and way forward - we remain committed to completing the front-end engineering design phase of our Bowen development and to progressing development options for our Surat Basin reserves," Arrow told Energy News.
"We're looking for efficiencies across the business. We are not thinking about major projects in their entirety."
The impacts from the impairment are seemingly just on the books with Arrow saying that there was $850 million of goodwill on its balance sheet courtesy of the 2010 acquisition by Shell and China National Petroleum Corporation (PetroChina).
"This amount has now been reduced through the impairment," an Arrow spokesman said.
"No other specific assets have been impacted by this exercise."
Arrow also stuck to its policy of not commenting on its workforce numbers.
According to The Australian, Arrow's 2014 corporate accounts filing to the Australian Securities and Investments Commission last week revealed that it had reduced its workforce from 1173 in early 2014 to 704 now.
The job losses accounted for 40% of the workforce with press speculation previously putting Arrow's early 2014 purge at about 250 jobs at the time.
While Shell's proposed friendly takeover of Queensland Curtis LNG operator BG Group offers synergies with Arrow, Shell chief financial officer Simon Henry was reportedly non-committal "when pressed on the potential" for a third train at QCLNG that could use Arrow's uncommitted CSG reserves during a press conference in April.
