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$10bn Chevron Escravos GTL Produces First Liquids by atlwireles: 2:21pm On Aug 27, 2014 |
Nigeria has joined a small group of nations including Qatar, South Africa, Malaysia and Australia that operate hi-tech Gas to Liquid (GTL) plants, as the Chevron owned Escravos GTL has produced its first liquids, after being behind schedule for several years. The plant would allow Nigeria to perform a leading role in an advanced sector of the energy and fuel market. “We recently achieved a major milestone at our Escravos gas to liquids plant with the production of GTL diesel and naphtha. We anticipate continued ramp-up in first product lifting later this year,” said George Kirkland, Vice Chairman and Executive Vice President-Upstream and Gas, at Chevron Corp., during the company’s Q2 Earnings conference call. Chevron partnered with the Nigerian National Petroleum Corporation (NNPC) to build the GTL plant designed to convert 325 million cubic feet of natural gas per day, into 33,000 barrels of liquids—principally synthetic diesel. When completed, the plant is expected to supply clean-burning, low-sulphur diesel fuel for cars and trucks. The key component of the gas-to-liquids conversion is the Fischer-Tropsch reaction, pioneered by German scientists Franz Fischer and Hans Tropsch almost a century ago. The Escravos GTL project had been severally delayed and capital expenditure on it is approaching $10 billion, according to Chevron. This compares with the $1.2 billion that was spent on the 34,000 bpd Oryx GTL in Qatar, a similar project in terms of technology and capacity, which was inaugurated in 2006. The Slurry Phase Distillate technology developed by Sasol and utilised at the Oryx project is also in use at the Escravos GTL project. The Escravos GTL project will also produce kerosene and LPG – with the kerosene providing the nation with premium transportation fuel to produce jet fuel for aviation. The products are expected to offset some oil product imports. Nigeria spent N192 billion ($1.18 billion) to import refined petroleum products in the first quarter of 2014, according to data from the National Bureau of Statistics (NBS). The business rationale behind the GTL project is based on the wide differential between gas and liquids (crude oil) pricing, which Chevron believes will persist over the long-term. Global GTL production has the potential to deliver the equivalent of 32 billion barrels of liquids, or about a year’s worth of global oil demand, Bernstein analysts wrote in a November report titled “What if Small-Scale Gas to Liquids Was the Next Shale Gas? Are We on the Verge Of Another Energy Revolution?” A pre-feasibility study of Escravos GTL was conducted in April 1998, followed by an engineering feasibility study. The Front-End Engineering and Design (FEED) were completed in 2002. The same year, agreements between Chevron Corporation, Sasol, and NNPC were signed. The construction contract was awarded in April 2005 to a consortium of JGC, KBR and Snamprogetti. Chevron Nigeria Limited has a 75 percent stake in the GTL projects, the NNPC 15 percent and Sasol 10 percent, while there are plans to expand the EGTL capacity to 120,000 b/d within 10 years. PATRICK ATUANYA http://businessdayonline.com/2014/08/10bn-chevron-escravos-gtl-produces-first-liquids 11 Likes 3 Shares |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Rich4god(m): 2:26pm On Aug 27, 2014 |
Nice one... I hope this will improve our economy on the high side and not get abandoned after some period... 3 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by obailala(m): 2:53pm On Aug 27, 2014 |
EGTL at long last... this is very good news 4 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Blockus: 2:56pm On Aug 27, 2014 |
first oil/liquid Bonus money for all Chevron Staff...!! 2 Likes 1 Share |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Nobody: 2:56pm On Aug 27, 2014 |
Wow |
Re: $10bn Chevron Escravos GTL Produces First Liquids by tayoxx(m): 2:57pm On Aug 27, 2014 |
another avenue to chop money 1 Like 2 Shares |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Blockus: 2:58pm On Aug 27, 2014 |
tayoxx: another avenue to chop money You sound like a vulcaniser. 66 Likes 6 Shares |
Re: $10bn Chevron Escravos GTL Produces First Liquids by foliman(m): 2:58pm On Aug 27, 2014 |
Nigeria of our dream.... #Giveusmore 3 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by 735i(m): 2:59pm On Aug 27, 2014 |
The same mistakes we made in the '60's we are making again now. Why on earth should Chevron Nig Limited have 70% stake and NNPC just 15%? Who is signing off these contracts? 18 Likes 5 Shares |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Otunbab: 2:59pm On Aug 27, 2014 |
Blah blah blah. Are we going to gain from it? 4 Likes 1 Share |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Nobody: 2:59pm On Aug 27, 2014 |
Good news... hopefully this will reduce the price of diesel. Since this is financed and owned by a private company (as opposed to the useless NNPC) I expect this plant to operate maximally. 6 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by allanphash7(m): 3:00pm On Aug 27, 2014 |
i hope this will revive the economy abit |
Re: $10bn Chevron Escravos GTL Produces First Liquids by CharlieMaria(m): 3:00pm On Aug 27, 2014 |
Space booked. |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Nobody: 3:00pm On Aug 27, 2014 |
The Escravos GTL project had been severally delayed and capital expenditure on it is approaching $10 billion, according to Chevron. Whats there to celebrate apart from the waste of scarce funds? The money wasted on this project will be used to build about five of the same capacity. Nonsense 2 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Nobody: 3:00pm On Aug 27, 2014 |
GEJ till 2019..Fresh air choking d polluted air! 10 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by infobiz9ja(m): 3:01pm On Aug 27, 2014 |
Welcome Development. 1 Like |
Re: $10bn Chevron Escravos GTL Produces First Liquids by akpanikpe(m): 3:01pm On Aug 27, 2014 |
Some good news hitting fp this few days, @ list better than the Ebola madness. 3 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by tayoxx(m): 3:01pm On Aug 27, 2014 |
Blockus:and what do you sound like 1 Like 1 Share |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Airforce1(m): 3:01pm On Aug 27, 2014 |
Cool Story Gej till 2019 Wether they like it or not 10 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by epospiky(m): 3:02pm On Aug 27, 2014 |
That's good news for nigeria. I love my country. 3 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Nobody: 3:02pm On Aug 27, 2014 |
Na wa oh! 1 Like |
Re: $10bn Chevron Escravos GTL Produces First Liquids by ayusco85(m): 3:03pm On Aug 27, 2014 |
Chevron, Exxon mobil, Total, Shell major players of nigerian oil and gas since amalgamation. Meanwhile am proudly a #Geologist 3 Likes
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Re: $10bn Chevron Escravos GTL Produces First Liquids by rill: 3:03pm On Aug 27, 2014 |
Some people wey comment no understand wetin d whole thing mean, well neither do I. 2 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by yunisco: 3:04pm On Aug 27, 2014 |
Nice one 1 Like 1 Share |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Nobody: 3:06pm On Aug 27, 2014 |
Chevron partnered with the Nigerian National Petroleum Corporation (NNPC) to build the GTL plant designed to convert 325 million cubic feet of natural gas per day, into 33,000 barrels of liquids—principally synthetic diesel. So it cost almost $10billion to construct this plant in Nigeria, yet cost just about one-eighth of the amount for a similar-sized plant in Qatar? Even when you account for the time value of money over 8 years at the rate of 10%, $1.2 billion amounts to less than $1.5 billion (or thereabouts). The cost of doing business in Nigeria ehn... 11 Likes 2 Shares |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Alishachris: 3:08pm On Aug 27, 2014 |
if being daft can move our nation this forward, then God please make all of our leaders daft! Amen! 2 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Nobody: 3:09pm On Aug 27, 2014 |
J12: The report doesn't tell us that the money was spent by the government. Private investors can decide how they want to spend their money, it is within their rights to do so. 3 Likes |
Re: $10bn Chevron Escravos GTL Produces First Liquids by Nobody: 3:09pm On Aug 27, 2014 |
Any job opportunities here? 1 Like |
Re: $10bn Chevron Escravos GTL Produces First Liquids by gbenga4sure(m): 3:10pm On Aug 27, 2014 |
Good news.but when i wake up this morning,d first persn i saw was my mum.thats why i av bn hearing gudnews 6 |
Re: $10bn Chevron Escravos GTL Produces First Liquids by iceberylin(m): 3:11pm On Aug 27, 2014 |
Thats real Big Money..... hope its for a better Naija 1 Like |
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