Chevron quits Olokola LNG project in Nigeria

|About: Chevron Corporation (CVX)|By:, SA News Editor

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of Nigeria's state-run oil company, BG Group, Chevron and Royal Dutch Shell (RDS.A, RDS.B); Shell also is said to have withdrawn from the project.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.

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