By Ambrose Nnaji
The Society of Petroleum Engineers Nigeria Council has announced that the 2026 edition of the Oloibiri Lecture Series and Energy Forum (OLEF) will on April 9, at the Petroleum Technology Development Fund (PTDF) Tower in Abuja.
The forum will convene regulators, operators, policymakers, investors, and energy professionals to develop practical strategies for boosting Nigeria’s oil production and strengthening the broader energy value chain.
Addressing journalists in Lagos, Chairman of the SPE Nigeria Council, Engr. Francis Nwaochei, emphasised that achieving and sustaining production above three million barrels per day would require a decisive shift from legacy production models to technology-driven operations backed by disciplined capital investment and stable policy frameworks.
According to him, while Nigeria possesses the resource base to surpass the 3 million barrels per day threshold, the industry must adapt to a new operating environment defined by tighter margins, aging assets, and heightened global competition.
“The era of easy oil is over. Sustainable growth will depend on innovation, digitalization, efficient capital allocation, and a regulatory climate that enables intelligent operations and asset optimization”, Nwaochei stated.
Themed “Beyond the Three Million Barrels Target: Harmonizing Digitalization, Capital and Policy Frameworks for Intelligent Operations and Asset Optimization,” OLEF 2026 will explore how to align technology adoption, financing models, and regulatory reforms to unlock Nigeria’s full production capacity.
Although output has improved in recent months, Nigeria’s crude production remains below installed capacity, constraining government revenue, foreign exchange inflows, and investor confidence. Nwaochei stressed that stronger output levels are essential to fiscal stability, domestic refining expansion, gas commercialization for power and industry, and Nigeria’s standing as a dependable global supplier.
The forum will also examine strategies for maximising existing assets through enhanced reservoir management, reactivation of shut-in wells, brownfield optimization, and selective new field development. Particular attention will be placed on strengthening indigenous operators through improved access to financing, digital tools, and technical partnerships.
Established to commemorate Nigeria’s first commercial oil discovery in Oloibiri, Bayelsa State, OLEF remains one of the country’s foremost platforms for policy dialogue and industry thought leadership.
The 2026 edition is positioned as a solutions-driven forum aimed at generating actionable recommendations to guide regulatory reforms, investment planning, and long-term national energy strategy.
