Global Shell chief executive Ben van Beurden said the proposed greenfield Arrow LNG project with PetroChina was "off the table", while other ventures would be slowed as priority was given instead to Shell's North American LNG projects.

US oil giants ConocoPhillips and Occidental Petroleum also unveiled cutbacks, putting priority on shareholder returns over spending on projects that would make money only in the longer term. Chevron was expected to follow suit in its December quarter investor briefing late on Friday, while British major BP earlier this week put a freeze on executive wages.

On the local front, Woodside Petroleum, Santos, Beach Energy and Oil Search have all foreshadowed cuts to investment budgets and costs, as have smaller players as they struggle with the impact of oil prices bumping along near six-year lows.

Brent crude was trading near $US49 a barrel on Friday, down from $US115 in June.

Shell labelled plans for a stand-alone LNG project in Queensland as "cancelled" along with several other ventures around the world being deferred or cancelled in the wake of the crash in prices.

But Arrow's coal seam gas resources will still be developed, with work going ahead to bring gas in coal seams in Queensland to market.

"Work continues on development of Arrow's substantial gas resources in the Bowen and Surat Basins," Shell Australia spokesman Paul Zennaro said.

"Shell continues to be driven by value and finding the best development option for Arrow gas. Discussions are ongoing on collaboration opportunities."

The comments confirm that the focus of Shell and PetroChina is now on supplying their Arrow gas to one or more of the three LNG projects already under construction or operating in Queensland.

BG Group's $US20.4 billion Queensland Curtis LNG project, which started exports earlier this month, is short of gas feedstock, as is Santos's $US18.5 billion GLNG project. Arrow gas could potentially also feed into Origin Energy's $24.7 billion Australia Pacific LNG project and underpin an expansion.

Mr van Beurden's comments about other international gas projects also being slowed has also cast doubt on Shell's eagerness to pursue the Browse floating LNG project in Western Australia, which has already been delayed by six months.

Shell on Thursday announced a three-year, $US15 billion cut in spending as a result of the collapse in prices, and signalled that spending in 2015 would be at least 15 per cent down on the original budget approaching $US40 billion.

"In Integrated Gas, we have slowed down on new developments, which for example means Arrow greenfield LNG is off the table, and Abadi FLNG and Browse FLNG have been re-phased to optimise the concept by the operator," Mr van Beurden said.

"We are prioritising North America LNG options in that time frame, LNG Canada and Elba," he said, referring to Shell's LNG export projects in western Canada and the US state of Georgia and noting that LNG Canada alone is worth 13 million tonnes a year of LNG.

In the Woodside Petroleum-led Browse floating LNG project, where Shell is Woodside's biggest partner, the timing for starting engineering and design was deferred back in December by six months to mid-2015.

Shell still lists the Browse project, expected to cost more than $US40 billion, among its final investment decision "choices" for 2015-16.

Shell still has several major investments in construction in Australia including the $US54 billion Gorgon LNG venture in WA, in which it has a 25 per cent stake and is due to begin production later this year. Its own Prelude floating LNG venture in the Browse Basin is due to begin production in 2016-17.

Divestments are also set to feature with Shell, although the major was already particularly active on that front in Australia last year, exiting Chevron's Wheatstone LNG project in WA, and selling its downstream refining and marketing business to Swiss trader Vitol for $2.9 billion.

Shell also sold a 9.5 per cent stake in Woodside Petroleum but was prevented from making a full exit when Woodside shareholders knocked back a selective buyback proposal.

Mr van Beurden also pointed to likely divestments from resources plays outside of North America, some of which have seen "mixed" well results and "above ground" issues.

"Resources plays spending outside of North America will be cut by around $US200 million, 20 per cent in 2015, and we expect to exit from several positions," he said. "This may potentially result in new impairments and well write-downs."

Shell also confirmed a discovery in Western Australia at the Lympstone prospect in the WA-365-P permit with Chevron in the Carnarvon Basin, but didn't give any details.