Nigeria will require innovation, smarter coordination, disciplined capital use, and clear policies to reach its goal of producing over three million barrels per day, Society of Petroleum Engineers (SPE) has said.
According to the group, easy production is no longer an option, but that only intelligent operations will drive progress.
Speaking to journalists during a press briefing on the 2026 edition of the Oloibiri Lecture Series and Energy Forum (OLEF) scheduled for Abuja next month, the Chairman, Society of Petroleum Engineers, Nigeria Council, Francis Nwaochei, pointed out that the current crude production remains below national potential, justifying the need for innovation, smarter coordination, disciplined capital use and clear policies to drive growth.
“Current output remains below national potential. While there have been encouraging improvements, we are still producing beneath our capacity and aspirations,” he said.
“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 said that as the global tensions continue to disrupt supply chains and cause price fluctuations, it is also highlighting the need for resilience and strategic planning in Nigeria’s petroleum industry.
“These challenges also offer Nigeria a chance to lead in the energy market,” he said
Nwaochei noted that, reaching and surpassing three million barrels per day is not simply about meeting a headline target, but 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.
However, he warned that ambition alone will not deliver results, suggesting that 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 said.
He observed that the theme for this year’s OLEF is “Beyond the three million barrels target: Harmonising Digitalisation, Capital and policy frameworks for Intelligent Operations and Asset Optimisation,”
SPE is a professional body made up of engineers, geoscientists, and technical specialists working throughout the oil and gas sector—from upstream to downstream operations.
He said the mission of SPE is to support technical excellence, encourage innovation, and deliver unbiased, evidence-based insights to help improve Nigeria’s oil and gas industry.
“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 said.
He broke this down to: Optimizing the implementation of the petroleum industry framework to mitigate inefficiencies and redundancies; reinforcing fiscal stability to restore investor confidence across the Nigerian energy value chain; and enhancing indigenous operators by providing targeted awareness initiatives, facilitating access to financing, fostering technology partnerships, and advancing digital capacity development.
“Enhancing opportunities within idle wellbores, transitioning from declining assets to new field developments—all of which are crucial strategies for increasing reserves and maximising national value addition,” he said
He pointed out that the downstream transition has started, with Dangote Refinery and new modular refineries boosting domestic capacity.
“This shift affects fuel supply, jobs, pricing, foreign exchange, and petrochemical growth,” he said noting that advancing infrastructure such as pipelines, storage, and gas-to-liquids projects is crucial to maximize these benefits.
