The Society of Petroleum Engineers (SPE) Nigeria Council has commended the Nigerian Government for conducting a transparent, automated and market-driven 2025 oil licensing round under the Petroleum Industry Act.
The SPE Nigeria Council Chairman, Francis Nwaochei, told a pre-event press conference ahead of the 49th Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos that the exercise is a significant milestone for Nigeria’s upstream sector ahead of NAICE 2026.
He commended the Federal Government of Nigeria, the Ministry of Petroleum Resources and the Nigerian Upstream Petroleum Regulatory Commission for strengthening investor confidence through transparent licensing reforms.
Nwaochei said that the conference theme, ‘Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,’ reflected shifting global investment, technology, geopolitics and decarbonisation trends.
He stressed that Africa must simultaneously pursue energy security, industrial growth and environmental sustainability through stronger collaboration among governments, regulators, investors, operators, financiers and technology providers.
According to him, awarding 37 oil and gas blocks to 31 preferred bidders presents opportunities to expand Nigeria’s upstream industry and attract fresh investment.
He, however, said that the real challenge was in transforming the newly awarded assets into commercially viable production through technology, efficient reservoir management and sustained investment.
“NAICE 2026 will provide the first major platform for stakeholders to discuss how these assets can be developed to support Nigeria’s target of producing 3 million barrels of oil per day by 2030,” Nwaochei said.
He noted that the divestment of onshore assets by international oil companies had accelerated indigenous participation, with local operators now producing about 60 per cent of Nigeria’s oil output.
Nwaochei urged indigenous companies to strengthen technical expertise, financial resilience and operational efficiency as they assume greater responsibility for managing strategic oil and gas assets.
He also highlighted expanding private and modular refineries as an opportunity to position Nigeria as a regional refining hub while balancing domestic crude supply obligations with market-based investment returns.
According to him, achieving Nigeria’s 3 million barrels-per-day production target will require new field developments, deepwater projects, expanded gas commercialisation and increased condensate production.
He added that the planned African Energy Bank is expected to improve financing for energy projects across the continent and support long-term industry growth.
Nwaochei emphasised protecting critical oil and gas infrastructure through digital monitoring, fibre-optic pipeline surveillance, automated metering and effective implementation of Host Community Development Trusts under the PIA law.
He said that the NAICE 2026 would feature executive panels, technical sessions, workshops, exhibitions, mentorship programmes, leadership initiatives for women and capacity-building opportunities for students and professionals.
“More than 600 peer-reviewed technical papers will address artificial intelligence, deepwater operations, drilling technology, reservoir management, carbon capture and the global energy transition,” he added.
GIK/APA