Olokola LNG Project in Nigeria
American multinational energy company Chevron has withdrawn from the Olokola (OK) LNG plant in Nigeria following a review of its investment decision and lack of progress on the project.
Chevron general manager, policy, government and public affairs Deji Haarstrup said, “The chairman, managing director of CNL, explained that the business decision to withdraw from OKLNG is based on a review of our investment portfolio, the lack of progress on the project, and a reprioritization of resources to focus on growing domestic gas supply.”
The withdrawal was effective from 31 July 2013.
NNPC-formed OKLNG project company originally comprised BG Group, Chevron and Shell. In July, Shell withdrew from the project, while BG left the venture last year.
Initially, Chevron held a 19.5% equity interest in the project. Later, it increased to 22.74% following BG’s exit.
OK LNG is a four-train facility, with a production capacity of 20 million tons per annum.
