SAN RAMON, Calif., April 21 /PRNewswire-FirstCall/ -- ChevronTexaco Corp.
(NYSE: CVX) today announced that the participants in the Angola liquefied
natural gas (LNG) project have awarded front-end engineering design (FEED)
contracts for a five million-tonne-per-year onshore LNG plant to be located
near Soyo in northern Angola.
At a signing ceremony in Luanda, Sonangol, ChevronTexaco and their
co-venturers in the Angola LNG Project -- BP, ExxonMobil and Total -- awarded
the FEED contracts to Overseas Bechtel Inc., and a joint consortium of Kellogg
Brown & Root Inc., JGC Corporation, and Technip U.S.A. Corporation.
A planned 15-month program of work is set to begin immediately. Following
the completion of FEED and a final investment decision, it is expected that
one of the two contractor groups will be selected to perform engineering,
procurement, construction and commissioning (EPCC) activities for the project.
John Watson, president of ChevronTexaco Overseas Petroleum, noted that the
FEED contract award and the recently announced establishment of the natural
gas supply agreements are milestones for Angola LNG.
"Angola LNG is one of several current ChevronTexaco-led projects to
commercialize natural gas resources in Africa and other parts of the world and
is integral to the company's strategy to grow an integrated natural gas
business," Watson said.
Watson added that in addition to the broader economic contribution the
project will make to the country, Angola LNG expects to transfer technology
and skills development through the creation of new jobs and business
opportunities for Angolans.
As projects such as Angola LNG move forward, ChevronTexaco is developing a
portfolio of LNG import terminal options to receive reliable and competitive
supplies of natural gas for delivery to customers.
Speaking about the contracts award, Angola's Minister of Petroleum
Desiderio Costa said: "This is a significant step forward on a project of
national importance to Angola. It is clear to us that after the government
approved a resolution that enabled Angola LNG to proceed, that steps are now
being taken to make the project a reality." He added, "We continue to believe
that Angola LNG will serve as a catalyst for Angola's reconstruction and
growth by facilitating increased production of the nation's abundant oil and
gas reserves and by supplying natural gas for local industrial development."
Syanga Abilio, vice president of Sonangol E.P., said: "We are extremely
pleased to have reached this stage of the project. Angola LNG will be a
world-class LNG facility, which represents a strategic opportunity for the
co-venturers to commercialize Angola's vast natural gas resources and to
reduce natural gas flaring in the country." He added that successful
execution of FEED paves the way for the start of construction and creates
valuable opportunities for local service provider involvement by Angolan
companies.
Sonangol and ChevronTexaco co-lead the Angola LNG project. The project is
set to be a joint development between the state oil company of Angola,
Sonangol (22.8%), and local affiliates of ChevronTexaco (36.4%), ExxonMobil
(13.6%), Total (13.6%) and BP (13.6%).
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of "Safe Harbor" Provisions of the Private Securities Litigation
Reform Act of 1995. Some of the items discussed in this press release are
forward-looking statements about the planned development of the Angola LNG
Project and ChevronTexaco's natural gas strategy. The statements are based
upon management's current expectations, estimates, and projections; are not
guarantees of future performance; and are subject to certain risks,
uncertainties and other factors, some of which are beyond the company's
control and are difficult to predict. You should not place undue reliance on
these forward-looking statements, which speak only as of the date of the press
release. Unless legally required, ChevronTexaco undertakes no obligation to
update publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE ChevronTexaco Corp.
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Related links:
http://www.chevrontexaco.com
CONTACT:
Nicole Hodgson of ChevronTexaco Corp.,
+1-832-854-6239
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