The Chairman, Society of Petroleum Engineers, Nigeria Council, Mr. Francis Nwaochei, has noted that the 2026 Oloibiri Lecture & Energy Forum (OLEF 2026) is a defining moment to reposition the industry’s trajectory toward a future anchored on intelligence, resilience, and shared prosperity.
“OLEF 2026 represents our collective commitment to move beyond dialogue and deliver practical, scalable solutions that strengthen resilience and unlock long-term value for Nigeria,” Mr. Francis Nwaochei, SPE Chairman, Nigeria Council, said in his welcome address.
The theme of the lecture, “Beyond Three Million Barrels Target: Harmonizing Digitalization, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation,” brought together an esteemed audience that includes Ministers of Petroleum Resources, Chief Executives of Regulatory Institutions, Leaders of National Oil Companies, and key stakeholders across the value chain.
The Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, announced at OLEF 2026 that Nigeria’s upstream oil and gas sector has attracted over $24 billion in capital investment following targeted interventions by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Represented by EVP Upstream, Udobong Ntia, he credited reforms addressing legacy asset disputes and unlocking stalled Final Investment Decisions. Ojulari stressed that achieving the 3 million barrels per day target will depend on capital, data, and effective regulation, expressing confidence in Nigeria’s capacity to compete globally.
Delivering the keynote, NUPRC Chief Executive, Oritsemeyiwa Eyesan, emphasized that production growth will require more than drilling, calling for agile regulatory frameworks that attract investment, enable digital oilfields, and drive sustainable value creation. Despite Nigeria’s vast reserves, she noted that past underperformance underscores the need for disciplined execution and alignment across policy, capital, and technology.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Chief Executive, Engr. Saidu Mohammed, stressed that achieving Nigeria’s 3mb/d oil and 22 BCF gas targets will require strong financing, advanced technology, and effective regulation, positioning the country as a resilient energy hub amid shifting global dynamics.
While Nigeria continues to pursue ambitious production targets, the focus is expanding toward unlocking deeper value from existing assets through innovation, disciplined financing, and smarter regulation.
“The future of our industry will not be determined by the volume of resources we extract, but by the intelligence with which we manage them”, the SPE Chairman said.
The Oloibiri Lecture & Energy Forum (OLEF) is a flagship annual platform of the SPE Nigeria Council, dedicated to advancing dialogue, innovation, and collaboration across Nigeria’s energy industry.
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