The Society of Petroleum Engineers (SPE) Nigeria Council has commended the Federal Government, the Federal Ministry of Petroleum Resources and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the successful conduct of the 2025 Licensing Round, describing it as a transparent, automated and market-driven process that will accelerate investment in Nigeria’s upstream petroleum sector.
The commendation came as the Council officially unveiled activities for the 49th Nigeria Annual International Conference and Exhibition (NAICE 2026), scheduled to hold from August 3 to 5, 2026, at the Expo Centre, Eko Hotel & Suites, Victoria Island, Lagos.
Speaking at a pre-event press conference on Tuesday in Lagos, the Chairman of the SPE Nigeria Council, Engr. Francis Nwaochei, said this year’s conference, with the theme “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,” will provide a strategic platform for stakeholders to chart a sustainable course for Nigeria’s energy industry amid changing global dynamics.
According to him, the conference is taking place at a defining moment for Nigeria’s energy sector following the conclusion of the 2025 Licensing Round, during which the NUPRC awarded 37 oil and gas blocks across mature and frontier basins to 31 preferred bidders.
Nwaochei said the successful licensing exercise demonstrated the Federal Government’s commitment to implementing the Petroleum Industry Act (PIA) and creating a transparent investment environment capable of attracting local and international capital.
He noted that while the award of exploration licences marked an important milestone, the real challenge lies in converting the newly awarded assets into commercially viable production through accelerated exploration, technology deployment, disciplined capital investment and operational efficiency.
“The licensing round is only the beginning. The industry must now focus on translating these awards into increased production volumes that will support Nigeria’s target of producing three million barrels of crude oil per day by 2030,” he said.
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The SPE Chairman observed that the ongoing divestment of onshore and shallow-water assets by International Oil Companies (IOCs) has created fresh opportunities for indigenous operators, who now account for about 60 per cent of Nigeria’s oil production.
He stressed that local operators must demonstrate technical competence, financial discipline and operational excellence while managing acquired assets, meeting decommissioning obligations and improving field performance.
On the downstream sector, Nwaochei said the emergence of world-scale private refineries alongside modular refineries is repositioning Nigeria as a regional refining hub.
He, however, emphasized the need to balance the enforcement of Domestic Crude Supply Obligations (DCSO) under the PIA with market-driven commercial principles that protect investor confidence and contractual obligations.
Addressing Nigeria’s production ambitions, he maintained that achieving three million barrels per day would require significant investment in new field developments, subsea projects and production infrastructure, rather than relying solely on restoring shut-in production.
He also called for increased commercialization of Nigeria’s abundant natural gas resources and condensate production to strengthen government revenues while navigating OPEC+ production quotas.
Nwaochei further identified the proposed African Energy Bank, expected to commence operations in Abuja later this year, as a critical financing vehicle for Africa’s energy projects, particularly as Western commercial banks continue to reduce fossil fuel financing due to environmental, social and governance (ESG) considerations.
He added that digital technologies such as digital twin systems, fibre-optic pipeline surveillance and automated metering would play a major role in securing Nigeria’s oil and gas infrastructure, while emphasizing that technological solutions must be complemented by effective implementation of the Host Community Development Trust provisions of the PIA.
Highlighting the conference programme, Nwaochei disclosed that NAICE 2026 will feature pre-conference continuing education courses delivered by international experts, presentation of more than 600 peer-reviewed technical papers and electronic posters, executive panel sessions on fiscal policy, investment and local content, as well as a workshop examining the expanding role of indigenous operators in Nigeria’s upstream sector.
Other highlights include an international exhibition showcasing cutting-edge digital energy technologies, subsea equipment and operational solutions, a Young Professionals Workshop, a Women Leadership Programme, and leadership development sessions for SPE section officers and student chapters across Africa.
On the global energy transition, the SPE Chairman reiterated the Council’s support for a pragmatic and balanced approach that recognises Africa’s development realities.
He argued that hydrocarbons would continue to play a critical role in driving industrialisation, manufacturing and electricity generation across the continent, while stressing the need for Nigeria to improve its carbon competitiveness through reduced gas flaring, methane emission control and greater use of natural gas as a transition fuel.
Nwaochei disclosed that at the conclusion of the conference, the SPE Nigeria Council would prepare and submit a comprehensive technical communiqué containing policy recommendations to government ministries, regulators and industry operators to support evidence-based decision-making and improve the competitiveness of Nigeria’s energy sector.
He called on government officials, investors, operators, service companies, researchers, professionals and young engineers to participate in the conference, describing NAICE 2026 as a unique platform where policy discussions will be translated into practical technical solutions for Africa’s evolving energy landscape.
