Nigeria National Petroleum Corp News

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.