The Chairman of the Society of Petroleum Engineers Nigeria Council, Engineer Francis Nwaochei, has called on stakeholders across the oil and gas value chain to align policies, capital, and digital innovation to enable Nigeria to reach and surpass three million barrels per day (mbpd) of crude oil production.
Speaking in Lagos at a press conference ahead of the 2026 edition of the Oloibiri Lecture Series and Energy Forum, Nwaochei stated that Nigeria possesses the potential to achieve its targeted 3 mbpd crude production, but this requires innovation and coordination. The lecture is scheduled for 9 April in Abuja.
“Nigeria can reach its goal of producing over three million barrels per day, but this will require innovation, smarter coordination, disciplined capital use, and clear policies. Easy production is no longer an option; only intelligent operations will drive progress,” he remarked.
The SPE chairman noted that global geopolitical tensions are exerting pressure on supply chains and pricing, stressing that this development underscores the need for resilience in Nigeria’s petroleum industry.
According to him, these geopolitical tensions continue to disrupt supply chains and cause price fluctuations, highlighting the need for resilience and strategic planning within the industry. He added that these challenges also present Nigeria with an opportunity to lead in the energy market.
Nwaochei, who described the council as a neutral professional body comprising engineers, geoscientists, and technical specialists across upstream and downstream operations, stated that the organisation’s mission is to support technical excellence and deliver evidence-based insights to improve the industry.
“As the Chairman of the Society of Petroleum Engineers Nigeria Council, I serve a professional, neutral organisation made up of engineers, geoscientists, and technical specialists working throughout the oil and gas sector, from upstream to downstream operations. Our mission is to support technical excellence, encourage innovation, and deliver unbiased, evidence-based insights to help improve Nigeria’s oil and gas industry,” he explained.
He announced that the 2026 edition of the Oloibiri Lecture Series and Energy Forum would be held on 9 April 2026 at the PTDF Tower in Abuja, with the Petroleum Technology Development Fund providing support for the event.
“The 2026 edition of the Oloibiri Lecture Series and Energy Forum will be held on 9 April 2026, at the PTDF Tower in Abuja. The PTDF has been a major sponsor of this event, providing the SPE with access to their facilities for discussions on key energy topics. We extend our sincere appreciation to the Executive Secretary, Mr Ahmed Aminu, for his continued support and partnership,” he stated.
He explained that the annual forum has evolved into one of Nigeria’s foremost platforms for structured energy dialogue. Speaking on this year’s theme, ‘Beyond the Three Million Barrels Target: Harmonising Digitalisation, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation’, he stressed that production remains below national potential.
“Current output remains below national potential. While there have been encouraging improvements, we are still producing beneath our capacity and aspirations. The implications are significant. Production levels directly affect public revenue, foreign exchange stability, infrastructure funding, and overall economic confidence. In fact, crude oil production levels dictate the cost of living for the average Nigerian,” he maintained.
According to him, surpassing 3 mbpd goes beyond meeting a symbolic benchmark.
“Reaching and surpassing three million barrels per day is not simply about meeting a headline target. It is about strengthening fiscal stability, supporting domestic refining, unlocking gas resources for power and industry, improving the livelihoods of the average Nigerian, and reinforcing Nigeria’s position as a reliable global supplier,” he affirmed.
Nwaochei, however, cautioned that ambition without regulatory coherence would not deliver results.
“Ambition alone will not deliver results. Technology and capital must operate within a coherent regulatory environment. When approval processes are slow or mandates overlap, investment momentum weakens. Unclear fiscal terms deter investment. Real progress depends on aligning digital tools, innovation, and funding with clear, efficient policies,” he asserted.
Outlining the focus areas for OLEF 2026, he stated that discussions would centre on financing, policy, and asset optimisation.
“At OLEF 2026, we will focus on practical pathways to achieve this alignment, with a focus on three key areas – Financing, Policy and Asset Optimisation,” he concluded.
Regarding developments in the downstream segment, he noted, “The downstream transition has started, with the Dangote refinery and new modular refineries boosting domestic capacity. This shift affects fuel supply, jobs, pricing, foreign exchange, and petrochemical growth. Advancing infrastructure such as pipelines, storage, and gas-to-liquids projects is crucial to maximise these benefits.”
