An Arrow spokesman told the Gladstone Observer that it was “reframing development options to deliver better value for shareholders".

"Collaboration discussions with third parties are continuing, to identify the best option for monetising Arrow's gas reserves in both the Surat and Bowen basins," the spokesman told the newspaper.

"This process is results and value-focused and not schedule-driven."

Arrow stalled its CSG-fuelled Curtis Island LNG plans in early 2014. In October an Arrow spokesman told ENP that Arrow was seeking the “best way to monetise our gas” at this stage.

Jean-Marie Guillermou, the Asia Pacific head of oil major and Gladstone LNG project partner Total SA, recently told the Australian Financial Review last month that it was “no secret” that the GLNG joint venture was negotiating with Arrow.

Arrow also awarded engineering house WorleyParsons the front-end engineering and design contract for its lengthy Bowen pipeline project in December.

“The proposed pipeline, up to 500km, is a key piece of infrastructure in Arrow's plans to bring gas from the Bowen Basin to market," Arrow CEO Andrew Faulkner said at the time.

Arrow, half-owned by Royal Dutch Shell and PetroChina, received federal environmental approval for its Bowen pipeline project in October.