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Wednesday, March 10, 2004
On March 9 ChevronTexaco announced that the West African Gas Pipeline (WAGP) had fallen behind schedule and first delivery date would have to be set back. The delivery of first gas from the $500 million WAGP, to supply Nigerian gas to three neighboring countries has been pushed back one year, from 2005 to 2006.
Delays by the Nigerian regulatory agency to approve the draft Environmental Impact Assessment for the project and the non-completion of a land acquisition deal with communities through which the 500-mile pipeline will pass forced the deferral. These two elements are central to the Final Investment Decision (FID) on the project by the shareholders, according to the Chevron official said.
"We are now looking at the first gas delivery in 2006…All FID conditions must be met before the project can take-off," said the official, who asked not to be named.
Chevron holds a majority stake of 41.87% in the project, the state-run NNPC 25.25%, Royal Dutch Shell 16.5% and Ghana’s Volta River Authority has the remaining 16.38%.
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