Chevron’s $2.7bn Escravos Gas-To-Liquid (EGTL) project in Nigeria remains on track to meet its start-up date and economic viability projections despite recent upward review of the project cost.
Speaking at the ongoing World Petroleum Congress holding in Madrid, Spain, Ali Moshiri as President of Chevron, Africa and Latin America Exploration and Production, noted that having recorded significant progress towards its completion, the EGTL joint venture project would start up in 2011.
The cost of the EGTL which was initially scheduled to come on stream at the end of 2010 was reviewed from $1.7bn to $2.7bn. The upward review of the original cost of the project after the signing of the contract agreement generated controversy, which analysts say contributed to the delay.
The project, when completed will have the capacity to process about 300,000 cubic feet a day of gas into 34,000 barrels a day of GTL diesel.
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