Business Times (San Francisco
28 Feb 2011
...Oil giant Chevron Corp. added $2.5 billion to the cost estimate of a natural gas project in Nigeria
San Ramon-based Chevron (NYSE: CVX) said in its annual report that a gas-to-liquids facility being built at the Escravos Gas Plant in the Niger Delta, a poor and troubled region of that West African nation, will likely cost $8.4 billion, up from an earlier guess of $5.9 billion.
Chevron has a 75 percent stake in the gas-to-liquids facility, which is designed to convert natural gas into liquid fuels. It is working with the Nigerian National Petroleum Corp., a company owned by Nigeria
Chevron still has to decide whether to make a final investment in the Sonam natural gas field in that area, which could be developed as part of this project. That decision won’t be made until the third quarter of this year.
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