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$10bn Chevron Escravos GTL Produces First Liquids - Business (2) - Nairaland

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Re: $10bn Chevron Escravos GTL Produces First Liquids by mohammedmagnus: 3:12pm On Aug 27, 2014
Half of those shouting fresh air, either did not understand the write-up or didn't even read it in the first instance. Fresh air ko fresh toto ni

2 Likes

Re: $10bn Chevron Escravos GTL Produces First Liquids by F117A: 3:13pm On Aug 27, 2014
Fischer-tropsch reaction.
Process/chemical engineers make una no slack o.
Re: $10bn Chevron Escravos GTL Produces First Liquids by keandre: 3:13pm On Aug 27, 2014
OkaaaaaY
Re: $10bn Chevron Escravos GTL Produces First Liquids by Nobody: 3:15pm On Aug 27, 2014
Issoryt!
Re: $10bn Chevron Escravos GTL Produces First Liquids by PassingShot(m): 3:15pm On Aug 27, 2014
"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".



Please let someone explain what this means.

A typo or what? Inflation or "stealing"?

Anyway, congrats that we're finally getting there.
Re: $10bn Chevron Escravos GTL Produces First Liquids by Billygee2u: 3:15pm On Aug 27, 2014
Nigeria is moving forward .we must get to the promise land
Re: $10bn Chevron Escravos GTL Produces First Liquids by F117A: 3:15pm On Aug 27, 2014
735i: 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?
The project was majorly funded by chevron,why shouldn't they get the lion share.?

5 Likes

Re: $10bn Chevron Escravos GTL Produces First Liquids by Nobody: 3:16pm On Aug 27, 2014
HNosegbe:

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.

Who owns NNPC?
Re: $10bn Chevron Escravos GTL Produces First Liquids by igbsam(m): 3:17pm On Aug 27, 2014
Congratulations Nigerians. We finally get the chance to boast an economy that a common man will never be part of and the proceeds from this news development will be channeled into the pockets of the powerful ones at the top of the Nigerian Govt.

Yea, we can all rejoice all we want.
Re: $10bn Chevron Escravos GTL Produces First Liquids by mcpat(m): 3:17pm On Aug 27, 2014
More job opportunites!!
Re: $10bn Chevron Escravos GTL Produces First Liquids by F117A: 3:18pm On Aug 27, 2014
PassingShot: 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.



Please let someone explain what this means.

A typo or what? Inflation or contract
high cost of doing business,inflation,e.t.c.,and not forgetting the various kinds of community compensations paid.

1 Like 1 Share

Re: $10bn Chevron Escravos GTL Produces First Liquids by room089: 3:22pm On Aug 27, 2014
Will this create more jobs for the ever teeming population of graduates in Nigeria?
Re: $10bn Chevron Escravos GTL Produces First Liquids by mcpat(m): 3:22pm On Aug 27, 2014
735i: 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?
the sharing formula should be based on how much was invested by the companies involved.. There are many other JV in which NNPC have the majour share...
Re: $10bn Chevron Escravos GTL Produces First Liquids by F117A: 3:23pm On Aug 27, 2014
J12:

Who owns NNPC?
NNPC contributed just 15%.
The project belongs to chevron.
Re: $10bn Chevron Escravos GTL Produces First Liquids by atlwireles: 3:24pm On Aug 27, 2014
735i: 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?

Are you really serious?
Re: $10bn Chevron Escravos GTL Produces First Liquids by obailala(m): 3:25pm On Aug 27, 2014
735i: 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?
Going by the antecedents of NNPC and the Nigerian government, you should be rejoicing that this project was handled by a foreign company because if it were an NNPC project, for the next 30 years, it will perpetually be under construction with huge yearly budget allocations and of course another bait used by politicians to grab votes during elections... Even if by any stroke of luck it is completed and commissioned, instead of being a profit making venture, it will be another government liability company just like NEPA and NITEL and there would still be yearly budgets for its operation...

If you are a Nigerian, you should know exactly what I'm talking about and you would pray our 4 national refineries (owned by NNPC) were owned by foreign companies.

8 Likes 2 Shares

Re: $10bn Chevron Escravos GTL Produces First Liquids by atlwireles: 3:27pm On Aug 27, 2014
J12:

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

Another misplaced anger, your government via NNPC most likely did not spend one kobo on this project. So, freaking chill.

3 Likes 1 Share

Re: $10bn Chevron Escravos GTL Produces First Liquids by atlwireles: 3:30pm On Aug 27, 2014
F117A: NNPC contributed just 15%.
The project belongs to chevron.

NNPC as usual might not have even contributed one kobo to this project.
Re: $10bn Chevron Escravos GTL Produces First Liquids by Blockus: 3:32pm On Aug 27, 2014
F117A: NNPC contributed just 15%.
The project belongs to chevron.

If its a JV project, NNPC would still have the controlling share.
Re: $10bn Chevron Escravos GTL Produces First Liquids by 401kk: 3:32pm On Aug 27, 2014
The project costs are over-estimated. I doubt if chevron are willing to commit over five billion dollars on a project like this.

1 Like

Re: $10bn Chevron Escravos GTL Produces First Liquids by obailala(m): 3:33pm On Aug 27, 2014
HNosegbe:

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? undecided

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...
J12:

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
If I'm right, the project was stalled severally by activities of militants. I think the site was even bombed several times and Chevron at a point almost withdrew from the project... We could rightly say the project effectively picked up only after the amnesty program in 2009/2010...

Talk of the cost of doing business in a volatile environment; the only reason why chevron could continue with the project even at almost 1000% extra cost is because of the massive profits they know they would recoup in a few years of its operation.

10 Likes

Re: $10bn Chevron Escravos GTL Produces First Liquids by Blockus: 3:35pm On Aug 27, 2014
401kk: The project costs are over-estimated. I doubt if chevron are willing to commit over five billion dollars on a project like this.


[b]Hahahahahaa...


You think?! Ofcourse its over estimated. Problem lies with the useless NNPC who allow these IOC's to fhuck us over.

They over-price the projects, give out the major contracts to their foreign companies that masquerade under a Nigerian registered front, employ mostly Expats in the major positions and fill the lower tiers with Niggas so as to comply with Local content laws and then they start laundering our money legally..

NNPC own na just to dey collect their estacodes and largess from these IOCs.

1 Like 1 Share

Re: $10bn Chevron Escravos GTL Produces First Liquids by larryUG(m): 3:35pm On Aug 27, 2014
735i: 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?
cause they produced 70 % of the Capital and expertise
Re: $10bn Chevron Escravos GTL Produces First Liquids by atlwireles: 3:57pm On Aug 27, 2014
obailala:
If I'm right, the project was stalled severally by activities of militants. I think the site was even bombed several times and Chevron at a point almost withdrew from the project... We could rightly say the project effectively picked up only after the amnesty program in 2009/2010...

Talk of the cost of doing business in a volatile environment; the only reason why chevron could continue with the project even at almost 1000% extra cost is because of the massive profits they know they would recoup in a few years of its operation.

Good insight, almost as it happened. Not to sound political, but Udugahan gets a huge pat on his back, for keeping the constant war between communities about this project and the Chevron LNG project contained.
Re: $10bn Chevron Escravos GTL Produces First Liquids by atlwireles: 3:58pm On Aug 27, 2014
Blockus:

If its a JV project, NNPC would still have the controlling share.

NNPC does not have a controlling share in this project, Chevron does.
Re: $10bn Chevron Escravos GTL Produces First Liquids by iamord(m): 4:00pm On Aug 27, 2014
735i: 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?

I agree with u, but the question is how much money, technical know how, expertise is nnpc bringing to the table ? Before you can debate. On a. Higher percentage.
Re: $10bn Chevron Escravos GTL Produces First Liquids by Blockus: 4:02pm On Aug 27, 2014
atlwireles:

NNPC does not have a controlling share in this project, Chevron does.

Cool..
Re: $10bn Chevron Escravos GTL Produces First Liquids by HandOfChukwu: 4:06pm On Aug 27, 2014
735i: 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?
The hat wearing clown obviously Badluck Jonathan, he's an idiot and anyone celebrating this is also an idiot, owning just 15 percent not only means the profits will be tiny but it also means the governments equity can be bought out at anytime for an underhand fee.
Re: $10bn Chevron Escravos GTL Produces First Liquids by DoTheNeedful: 4:07pm On Aug 27, 2014
More money to our politicians smiley grin cool
Re: $10bn Chevron Escravos GTL Produces First Liquids by atlwireles: 4:08pm On Aug 27, 2014
HandOfChukwu: The hat wearing clown obviously Badluck Jonathan, he's an idiot and anyone celebrating this is also an idiot, owning just 15 percent not only means the profits will be tiny but it also means the governments equity can be bought out at anytime for an underhand fee.

You are commenting on the wrong thread.

3 Likes

Re: $10bn Chevron Escravos GTL Produces First Liquids by atlwireles: 4:08pm On Aug 27, 2014
DoTheNeedful: More money to our politicians smiley grin cool

How is that?
Re: $10bn Chevron Escravos GTL Produces First Liquids by atlwireles: 4:10pm On Aug 27, 2014
iamord:

I agree with u, but the question is how much money, technical know how, expertise is nnpc bringing to the table ? Before you can debate. On a. Higher percentage.

NNPC brings zero to the table, their only claim to some shares here, is title/ownership of the mineral rights.

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