OLEF 2026: Oil Industry Stakeholders to Chart Pathway to Nigeria’s 3mbpd Production Target
Peter Uzoho
Nigeria’s oil and gas industry stakeholders including operators, policymakers, regulators, investors, and service providers will brainstorm on achieving the county’s three million barrels per day (bpd) oil production target by 2030 at this year’s edition of the annual Oloibiri Lecture Series and Energy Forum (OLEF) in Abuja.
Chairman of the Society of Petroleum Engineers (SPE) Nigeria Council, Mr. Francis Nwaochei disclosed this in Lagos at a press conference heralding the forum slated for April 9, 2026.
The theme of the forum is: “Beyond the Three Million Barrels Target: Harmonising Digitalisation, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation.”
The SPE chairman expressed optimism that Nigeria could reach its goal of producing over three million barrels of oil per day by 2030, as set by the federal government.
Nwaochei, however, noted that achieving that would require innovation, smarter coordination, disciplined capital use, and clear policies.
According to him, easy production was no longer an option; only intelligent operations would drive progress.
He observed that current Nigeria’s oil output remains below national potential, pointing out that while there have been encouraging improvements, the country was still producing beneath its 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.
“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,” Nwaochei stated.
However, he argued that ambition alone would not deliver results, urging that technology and capital must operate within a coherent regulatory environment.
The SPE chair maintained that when approval processes are slow or mandates overlap, investment momentum weakens.
He added that unclear fiscal terms deter investment but real progress depends on aligning digital tools, innovation, and funding with clear, efficient policies.
At OLEF 2026, he said participants would focus on practical pathways to achieve this alignment, with a focus on three key areas including financing, policy and asset optimization which can be further broken down to:optimizing the implementation of the petroleum industry framework to mitigate inefficiencies and redundancies.
Others, according to Nwaochei, are: reinforcing fiscal stability to restore investor confidence across the Nigerian energy value chain; enhancing indigenous operators by providing targeted awareness initiatives, facilitating access to financing, fostering technology partnerships, and advancing digital capacity development.
He also mentioned enhancing opportunities within idle wellbores, transitioning from declining assets to new field developments—all of which, he said, are crucial strategies for increasing reserves and maximizing national value addition.
He acknowledged that the downstream transition in Nigeria has started, with Dangote Refinery and new modular refineries boosting domestic capacity.
This shift, the SPE Council chair noted, affects fuel supply, jobs, pricing, foreign exchange, and petrochemical growth.
He said advancing infrastructure such as pipelines, storage, and gas-to-liquids projects was crucial to maximise these benefits.
He said the recent governance reforms designed to enhance transparency in petroleum revenue management reinforce the critical role of accountability.
With these measures underway, he said maintaining balanced stakeholder engagement would be vital for operational efficiency and sustaining investor confidence.
Nwaochei further said, “The SPE Nigeria Council is committed to facilitating technical dialogue, providing robust, data-driven analysis to enable informed decision-making.
“OLEF 2026 is structured as an active working forum rather than a ceremonial event. Its aim is to generate concrete recommendations and deliver practical results that can guide regulatory reviews, investment decisions, and national planning initiatives.”
Moreover, he advised that Nigeria’s energy prospects need to embrace competitiveness, durability, and sustainability.
To realise this vision, he said it was essential to strike a balance between fostering innovation and ensuring robust regulation, between securing investment and providing stability, and between setting ambitious goals and delivering effective results.
Nonetheless, Nwaochei observed that global geopolitical tensions continue to disrupt supply chains and cause price fluctuations, highlighting the need for resilience and strategic planning in Nigeria’s petroleum industry.
He said these challenges also offer Nigeria a chance to lead in the energy market, noting that the annual OLEF recognises the country’s journey in the energy space from discovery and has evolved into one of the nation’s foremost platforms for serious energy dialogue.
“It convenes regulators, operators, policymakers, investors, and industry professionals for structured, solution-oriented engagement.
“We welcome stakeholders to Abuja on April 9 to discuss Nigeria’s energy future”, he concluded.
