Chevron, Shell Pull Out of Nigeria LNG Project

Chevron and Shell have decided to pull out of Olokola LNG project, four years after another international company BG Group divested from the project, Nigerian newspaper Vanguard reported.

Each of the two companies has 19.5% stake in the project.

According to company officials the move is a result number of factors, ranging from the lack of commitment on the part of the Federal Government to pursue the completion of the project and also the non-passage of the Petroleum Industry Bill, Vanguard said.

The Olokola LNG project was initiated in 2005, with the Nigerian National Petroleum Corporation, NNPC, as the major shareholder.