The Society of Petroleum Engineers (SPE) Nigeria Council has urged the Federal Government and industry operators to fast-track the development of newly awarded oil and gas blocks, saying swift execution, not licensing alone, will determine whether Nigeria achieves its target of producing three million barrels of crude oil per day (bpd) by 2030.
Speaking at a pre-event press conference ahead of the 49th Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Tuesday, Francis Nwaochei, chairman of the SPE Nigeria Council, said the recent award of 37 oil and gas blocks to 31 preferred bidders under the 2025 Licensing Round marked an important milestone but must be followed by rapid investment and field development.
NAICE 2026, themed “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,” will hold from August 3 to 5 in Lagos and feature more than 600 technical papers, executive panel sessions and technology exhibitions focused on the future of the energy industry.
“NAICE 2026 will serve as the first major industry platform where a broader discussion of the operational and commercial execution of the newly awarded assets will take place. Awarding blocks is only the catalyst; converting exploration licences into daily producing volumes requires rapid technology deployment, reservoir precision and disciplined capital mobilisation,” Nwaochei said.
