The Nigerian National Petroleum Corporation (NNPC) has made the decision to actively participate in deepwater explorations offshore. The Oil and Gas reform Implementation Committee (OGIC) was created for this very reason. Its job is to position NNPC to become one of the world's leading National oil companies. "The GMD explained that about $33bn had been invested in the development of nine major deepwater discoveries which include among others, Agbami, Bonga Main, Erha, Nda, Okwori and Usan fields. The GMD projected that the West African contribution to world supplies will grow from the present 5 to 7 per cent by the year 2010 and a significant part of the growth will be from deepwater."5 It was also observed that the recent credit crunch could make the funding on the ongoing project a difficult task to complete.