Nigeria Must Accelerate Oil Asset Development to Meet 2030 Production Goal, SPE Says

Nigeria’s ambition to raise crude oil production to 3 million barrels per day by 2030 will depend on how quickly recently awarded oil and gas assets are developed into producing fields, according to the Society of Petroleum Engineers (SPE) Nigeria Council.

Speaking ahead of the 49th Nigeria Annual International Conference and Exhibition (NAICE 2026), Chairman of the SPE Nigeria Council, Engr. Francis Nwaochei, said the country’s next phase of production growth requires faster project execution, stronger investment flows and improved protection of critical energy infrastructure.

The conference, scheduled to hold from August 3 to 5, 2026, at the Expo Centre, Eko Hotel & Suites, Lagos, will focus on the theme, “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience.”

Nwaochei noted that the industry is entering a pivotal period following the completion of the 2025 Licensing Round, during which the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) allocated 37 oil and gas blocks to successful bidders.

He explained that issuing licences is only the first step, stressing that the real challenge lies in moving exploration assets into commercial production through timely investment, advanced technology, efficient reservoir management and disciplined project execution.

According to him, NAICE 2026 will provide industry stakeholders with an opportunity to examine how the newly awarded assets can be developed efficiently under the framework of the Petroleum Industry Act (PIA).

The SPE chairman commended the Federal Government and the NUPRC for adopting a transparent licensing process, adding that the focus must now shift toward accelerating field development to support Nigeria’s production objectives.

Nwaochei observed that indigenous energy companies have become increasingly important to Nigeria’s upstream industry as international oil companies continue to reshape their investment portfolios toward offshore operations.

He said local operators now contribute a significant share of the country’s crude supply and will play a decisive role in expanding production, managing mature assets and improving recovery from existing fields.

To achieve higher output, he said operators must strengthen their operational capabilities while maintaining financial discipline to attract long-term investment.

Beyond reopening inactive wells, Nwaochei emphasized the need for new field developments, subsea projects and increased gas commercialization to support production growth and government revenue.

He also pointed to condensate production as another area capable of boosting national output without being constrained by OPEC crude production limits.

On financing, he said the industry’s traditional funding sources have become more limited as many international lenders reduce exposure to fossil fuel projects under environmental, social and governance (ESG) policies.

As a result, he identified regional financing institutions, private capital and the proposed African Energy Bank, expected to commence operations in Abuja later this year, as important alternatives for funding upstream investments.

Nwaochei also stressed that improving security across oil-producing regions remains essential to sustaining production.

He called for greater deployment of digital technologies, including real-time pipeline surveillance, automated monitoring systems and advanced asset management solutions, alongside stronger collaboration with host communities to safeguard critical infrastructure.

Addressing the global energy transition, he argued that Africa requires a balanced approach that supports economic development while reducing emissions.

He noted that oil and gas will continue to play an important role in powering industrial growth across the continent, but urged operators to improve environmental performance through measures such as reducing gas flaring, cutting methane emissions and modernizing production facilities.

The conference will feature technical presentations, executive discussions, industry exhibitions and leadership programmes covering topics ranging from artificial intelligence and deepwater development to local content, fiscal policy, carbon management and the expanding role of indigenous energy companies.

Nwaochei said the event is expected to generate practical recommendations for policymakers, regulators and industry participants as Nigeria seeks to strengthen investment, expand production capacity and improve the long-term competitiveness of its energy sector.