Escravos on track - Chevron chief
tribune.com.ng
Komolafe Rasheed, Madrid - 03.07.2008
The President of Chevron Africa and Latin America Exploration and Production, Ali Moshiri, on Wednesday in Madrid, Spain, said Nigeria’s Escravos Gas to Liquid (EGTL) project was on track to meet the new start-up date of 2011.
The project, which was expected to have come on stream about 10 years ago, is now expected to cost $2.7 billion. The contract was first signed between Sasol Chevron and the Nigerian National Petroleum Corporation (NNPC).
The plant will process some 300,000 cubic feet a day of gas into 34,000 barrels a day of GTL naphta.
But despite 10 years behind schedule, Mr. Moshiri said the $5.2 billion cost of bringing Agbami offshore oil field in Nigeria on stream, scheduled to start pumping oil in the next few weeks, “compares favourably today.”
“If you compare the cost of Agbami with the cost of new projects just starting, Agbami has performed on the cost side very well. We will not be able to build another Agbami today with that capital expenditure.
“The 800 million barrel field, 70 km offshore, which has suffered some setback in the past, is expected to reach peak output of 250,000 bpd within a year of start up,” he said. |
