[en] The Niger delta is a rich oil and gas province with great development potential and the present Memorandum Of Understanding(MOU)/Joint Ownership Agreement (JOA) framework has resulted until 1992 in more investments, increased production and reserves. The National aspirations of i. 25 billion barrels reserves, ii. 2.5 million bopd production and iii. reduction of gas flaring are achievable but funding problems, margin erosion and lean economy are jeopardizing the industry's confidence and ability to proceed. If oil investment is not restored, oil production and Government revenues will decline significantly. The solution is potentially simple and is already embedded in the existing MOU/JOA structure. A coherent National Energy Policy is required to exploit Nigeria's gas potential to the fullest