The Society of Petroleum Engineers Nigeria Council has called for resilience, disciplined execution, and strategic coordination to reposition Nigeria as a leading player in the global oil market.
The Chairman of the Council, Mr. Francis Nwaochei made the call ahead of the 2026 Oloibiri Lecture Series and Energy Forum (OLEF), scheduled for April 9 at the Petroleum Technology Development Fund Tower in Abuja. The forum’s theme is “Beyond the Three Million Barrels Target: Harmonising Digitalisation, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation.”
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Nwaochei said the forum aims to shift Nigeria’s production ambition from aspiration to implementation, stressing that geopolitical tensions and supply chain disruptions have exposed vulnerabilities in global energy systems while presenting leadership opportunities for resource-rich nations like Nigeria.
“Global instability underscores the importance of disciplined planning in our petroleum industry. But it also presents Nigeria with a unique opportunity to lead,” he said, noting that exceeding three million barrels per day is achievable only through innovation, disciplined capital deployment, and smarter institutional coordination.
He added that crude oil output directly impacts public revenue, foreign exchange stability, infrastructure financing, and economic confidence, and that surpassing the three-million-barrel threshold is essential for supporting domestic refining, unlocking gas resources for power and industry, and reinforcing Nigeria’s credibility as a dependable global supplier.
However, Nwaochei cautioned that ambition without structural alignment would fail, pointing to slow approval processes, overlapping mandates, and unclear fiscal terms as potential obstacles to investment momentum.
OLEF 2026 will focus on three pillars: financing, policy alignment, and asset optimisation. Discussions will cover the implementation of Nigeria’s petroleum industry framework, fiscal stability, investor confidence, and strategies to strengthen indigenous operators through better access to financing and technology partnerships.
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The chairman also highlighted downstream sector transformations, driven by the Dangote Refinery and an expanding network of modular refineries, which could reshape fuel supply dynamics, employment, pricing structures, and foreign exchange management, while stressing the need for continued investment in pipelines, storage, and gas-to-liquids projects.
The chairman also highlighted downstream sector transformations, driven by the Dangote Refinery and an expanding network of modular refineries, which could reshape fuel supply dynamics, employment, pricing structures, and foreign exchange management, while stressing the need for continued investment in pipelines, storage, and gas-to-liquids projects.
“Nigeria’s energy future must be competitive, resilient, and sustainable. We must balance innovation with strong regulation, investment with stability, and ambition with disciplined execution,” Nwaochei concluded, reaffirming the council’s commitment to providing data-driven insights and actionable recommendations through the forum.
