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Chevron quits Olokola LNG project in Nigeria

  • Chevron (CVX) says it is withdrawing from the Olokola liquefied natural gas project in Nigeria intended to exploit the country's vast gas reserves after it failed to become operational.
  • The OKLNG project company consists of Nigeria's state-run oil company, BG Group, Chevron and Royal Dutch Shell (RDS.A, RDS.B); Shell also is said to have withdrawn from the project.
  • The news comes as CVX seeks to sell several oil and gas blocks in Nigeria, but the company says it remains committed to the country.
Comments (2)
  • Gas prices too low for the Nigerian dithering and apparently increasing instability?
    29 Aug 2013, 09:33 AM Reply Like
  • The real reason is creeping expropriation. Both CVX and XOM will likely make a gradual exit by selling to the Europeans and Chinese.
    The former maybe oblivious and impotent but the latter seem to have ways of making African Regimes abide by contracts...........
    29 Aug 2013, 01:37 PM Reply Like
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