Petroleum Africa
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Monday, August 26, 2013
Another two oil majors are said to be pulling out of their commitment to Nigeria’s Olokola LNG project. Both Chevron and Shell have reportedly pulled out of the project. BG Group divested from Olokola LNG four years ago.
As both companies held a 19.5% stake in the LNG facility, there is now a 39% stake up for grabs.
Chevron and Shell’s stake divestment is attributed to a lack of commitment on the part of the Nigerian government to pursue the completion of the project, and also the non-passage of the Petroleum Industry Bill.
The Olokola LNG project was initiated in 2005. It is located between Ogun and OndoStates. The MoU and shareholders agreement were signed in 2005 and 2007 respectively, FID was taken in 2007, and first production was expected two years later but nothing concrete on the project has been seen since then.
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