CHEVRON Nigeria
Limited, operator of the Nigerian National Petroleum Corporation/Chevron Joint
Venture, has officially confirmed its withdrawal from the Olokola Liquefied
Natural Gas project.
There had been
speculations that the company might pull out of the Olokola LNG project but no
official confirmation was forthcoming until now.
The General
Manager, Policy, Government and Public Affairs, Chevron Nigeria, Deji Haastrup,
said in a statement on Wednesday that the withdrawal from the project took
effect from July 31, 2013.
Citing delays in
the Final Investment Decision for the project, the oil major lamented that
efforts over the last eight years to mature the project had not resulted in the
FID.
In view of this,
it said it took the decision to withdraw from the project based on the review
of its investment portfolio.
The OKLNG project
company was formed in 2007 by NNPC, BG, Chevron and Shell. BG and Shell
withdrew from the project in June 2012 and July 2013, respectively.
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