Petroleum Engineers Task FG, Oil License Winners to Translate New 37 Blocks to Economic Opportunities

Peter Uzoho and Oluchi Chibuzo

The Society of Petroleum of Engineers (SPE) Nigeria Council has urged the federal government and the new oil and gas block awardees to translate the 37 assets into economic opportunities for the country

The group called on the new license owners to leverage technology and smart funds while aligning with regulators, operators, service providers, technology developers, and financial institutions to drive down unit operating costs, de-risk investments, and unlock capital.

Chairman of SPE Nigeria Council, Mr. Francis Nwaochei, made the calls yesterday in Lagos at a press conference heralding the 49th Nigeria Annual International Conference (NAICE 2026).

Nwaochei commended the federal government, the Ministry of Petroleum Resources, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for conducting the bid round in an automated and market-driven process under the Petroleum Industry Act (PIA).

He noted the conference was coming at a transformative juncture for Nigeria’s energy architecture with the recent conclusion of the 2025 Licensing Round where 37 oil and gas blocks across mature and frontier basins were awarded to 31 preferred bidders by the NUPRC.

“SPE Nigeria Council commends the Federal Government, the Ministry of Petroleum Resources, and the NUPRC for conducting an automated, market-driven process under the Petroleum Industry Act (PIA), by awarding 37 oil and gas blocks across mature and frontier basins to 31 preferred bidders”, he said.

He said NAICE 2026 will serve as the first major industry platform where the operational and commercial execution of these newly awarded assets will be decoded.

According to him, awarding blocks is only the catalyst; converting exploration licenses into daily producing volumes requires rapid technology deployment, reservoir precision, and disciplined capital mobilization.

He stated this directly supports Nigeria’s national target of achieving 3 million barrels per day (bpd) by 2030.

Nwaochei added that the concurrently, the ongoing portfolio rebalancing by International Oil Companies (IOCs) toward deepwater assets has placed indigenous independent operators at the center of domestic onshore and shallow-water production which is now accounting for roughly 60% of national supply.

By this, he charged that indigenous companies must demonstrate both operational excellence and financial bankability as they assume asset stewardship, manage decommissioning liabilities, and drive field optimization.

The SPE chair however said this year’s conference theme, “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience”, directly reflects the structural realities facing the sector today.

He noted that globally, investment flows, technology adoption, geopolitics, and decarbonization strategies were shifting rapidly, hence the nation’s energy security and environmental sustainability can no longer be treated as distinct agendas but must advance in tandem.

“For Africa, resilience cannot be a passive defense against market volatility; it must be an active, competitive strategy. Our continent faces the dual imperative of eliminating energy poverty and accelerating industrial growth while managing environmental expectations,” he said.

In his remarks, the Chairman, NAICE 2026 Conference Planning Committee, Capt. Aris John-Emezi, said the forthcoming conference will attract over 15, 000 participants with over 600 technical papers to be presented at the event from 3rd to 5th August, 2026.

“This year we are expecting more than 15,000 participants and with over 600 technical papers to be presented because of the impact the event usually has in our industry. We understand that all the major stakeholders are based in Lagos hence the rationale to host the event in Lagos”, John-Emezi said.