As the 2008 gas flare out deadline for oil firms approaches, operating joint venture partners have staked over USD 6.5 billion investment profile to undertake the challenge. The firms are Nigerian Agip Oil Co. (NAOC), Shell Petroleum Development Co., Chevron Texaco and ExxonMobil Corp. as well as Elf Petroleum Nigeria Ltd. All the companies operate under a JV arrangement with the Nigerian National Petroleum Corp. The Italian giant, NAOC, will be committing over USD 1 billion in its gas development and utilisation projects located in the country’s Niger Delta. Under the programme, the company will develop some gas projects that supply natural gas to the NLNG plant at Finima, Bonny in Rivers State, and also expand its existing gas gathering facilities to cope with gas supplies to the Eleme Petrochemical Co. Ltd and its Independent Power Production plant at Okpai in Delta State. Shell on its part will be developing a number of gas projects which funding is put over USD 4 billion spread across the Niger Delta. The funding is coming in tranche with a full funding put at about USD 7.5 billion. Some of the projects include those meant to supply gas to the NLNG plus project at Bonny, in which Shell is the biggest gas supplier. Shell is also pursuing another gas supply project for its Afam power plant, also in Rivers State.
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