Oil multinational, Chevron Nigeria Limited (CNL) and its partner, Nigerian National Petroleum Corporation (NNPC), have revealed that ongoing efforts to reduce gas flaring are yielding significant dividends. Chevron is now targeting a 98 percent flare reduction in 2015.

According to US-based oil company, over $7 billion has been invested in reducing gas flaring in its Nigerian production field, a move that has seen it curb the harmful practice by 60 percent in the last five years.

Chairman and Managing Director of Chevron Nigeria, Mr Clay Neff, said gas flaring in the oil-rich Niger Delta region has been an impediment to socio-economic development in the country.It is also costing the company billions of dollars in potential revenue.

“The eradication of gas flaring and other environmental hazards would reduce the devastating effects of climate change, currently ravaging the socio-economic status and health of the world,” Neff said.

Chevron’s gas projects in Nigeria include Escravos Gas Plant, West African Gas Pipeline project, Ohaji South field project, EGP, project, Escravos Gas-to-Liquids, EGTL, project and the Sonam Field Development project, and Agura Independent Power Plant project.

On the company’s Nigerian projects, Neff said Chevron has increased gas production from the Escravos Gas Plant to 590 million Standard cubic feet (mscf), from 50 million cubic feet. It is also moving on with the construction of Funiwa LNG and Finiwa field as it seeks to monetize its gas resources in Nigeria.