ChevronTexaco Awards Major Contract for Nigerian Gas-To-Liquids Project

Source: www.gulfoilandgas.com 4/8/2005, Location: Africa

ChevronTexaco Corp announced that its Nigerian subsidiary has awarded the Engineering, Procurement and Construction (EPC) contract totaling $1.7 billion for the Escravos gas-to-liquids (EGTL) project in Nigeria.

The owners of EGTL, the Nigerian National Petroleum Corporation (NNPC), with 25 percent equity, and Chevron Nigeria Ltd (CNL), a subsidiary of ChevronTexaco with 75 percent equity, awarded the EPC contracts to Team JKS, a consortium composed of JGC Corporation of Japan, KBR and Snamprogretti.

"This milestone further demonstrates ChevronTexaco’s commitment to gas-to-liquids and Nigeria," said George Kirkland, ChevronTexaco executive vice president of Upstream and Gas. "This is a significant step in ChevronTexaco’s strategy to grow an integrated global gas business using GTL and liquefied natural gas technologies to commercialize our gas resources and to develop the entire gas value chain."

John Watson, president of ChevronTexaco Overseas Petroleum, added, "EGTL will help to further unlock the commercial and strategic value of Nigeria’s vast natural gas resources for the benefit of the country, its people and the EGTL co-venturers. Equally, EGTL is a key component of ChevronTexaco’s plans – including the West African Gas Pipeline and the Escravos Gas Project – to reduce gas flaring from its operations in Nigeria."

Sasol Chevron, a 50/50 global joint venture between Sasol and ChevronTexaco, will provide technical support and will be the single-point licensor for the project.

Commenting on the role of Sasol Chevron, John Gass, president of ChevronTexaco Global Gas and chairman of Sasol Chevron said, "The EGTL project in Nigeria, along with the recently announced GTL base oil project in Qatar, reinforces our leading position in the GTL business.

"Using the most advanced technology, EGTL will convert natural gas currently being flared into high-value clean transportation fuels for markets in Europe and around the world," said Gass.

The EGTL site is located approximately 60 miles (100 kilometers) southeast of Lagos and is expected to produce 34,000 barrels per day of GTL diesel, GTL naphtha and a small amount of liquefied petroleum gas. GTL contains virtually no sulfur, is very low in aromatics and offers impressive power ratings.

EGTL will combine advanced hydroprocessing technology developed by ChevronTexaco with the Slurry Phase Distillate™ (SPD) process owned by Sasol of South Africa, which also is providing risk-based financing for the project.

The Escravos Gas Project Phase 3 (EGP-3), consisting of onshore and offshore facilities, is expected to provide approximately 300 million standard cubic feet of natural gas per day in feedstock for the EGTL project. NNPC’s equity participation in EGP-3 is 60 percent, and CNL holds 40 percent.



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