Chevron Corp fixed the date for a Nigerian plant that will convert gas to liquids to be operational as 2012, which would be a year later than expected
South Africa's Sasol Ltd, the world's top GTL company, was reviewing the Escravos plant last July as it saw costs doubling to $6 billion and completion delayed by a year to 2011. In September, it cut its Escravos stake to 10 percent, selling 27.5 percent to Chevron, which now owns 75 percent.
The plant, located 60 miles (100 km) southeast of Lagos, will produce 34,000 barrels of oil equivalent per day, Reuters reports.
Chevron said a Phase 3A expansion of the Escravos Gas Plant, which will feed the $5.9 billion GTL plant, was now expected to start production in 2010.
Chevron also said in the filing on Thursday the cost of the first phase of its Agbami project, an offshore Nigerian field of which it owns 68.2 percent, would be $7 billion, up from $5.4 billion previously expected. After starting production last July, its total output of crude oil and natural gas liquids is expected to reach 250,000 barrels per day this year.
The San Ramon, California-based company has said it expects total worldwide 2009 production of 2.63 million barrels of oil equivalent per day, assuming oil prices at $50 per barrel.
Author:
Ksenia Kochneva
