Chevron Pulls Out of $5B LNG Project

Wednesday, March 08, 2006
Chevron has pulled out of a $5-billion liquefied natural gas project in Nigeria because the government wants to use its gas for a competing project. Chevron, ConocoPhillips and ENI each have a 17% interest in the $5 billion Brass LNG project, along with state-run Nigeria National Petroleum Corp (NNPC) with 49%. But the California-based company also has an interest in a competing LNG project, the $6-billion Olokola plant, which is being fast-tracked by the government of President Olusegun Obasanjo. Chevron had planned to bring offshore gas to the Brass project, and the remaining Brass LNG investors are now in talks with other potential shareholders and gas suppliers, including France's Total. NNPC has fast-tracked the 20-million ton-per year Olokola project, where Chevron and NNPC have Royal Dutch Shell and BG as partners, and NNPC expects a final investment decision in the third quarter of this year. The final decision on 10-million ton-per-year Brass LNG is not expected until three months later.

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