The Society of Petroleum Engineers, Nigeria Council, has warned that awarding new oil blocks alone will not be enough to help Nigeria achieve its target of producing three million barrels of crude oil per day by 2030.
The professional body said the country must back exploration licences with technology deployment, infrastructure development, operational efficiency and access to capital if it hopes to translate new oil acreage into actual production volumes.
Chairman of SPE Nigeria Council, Francis Nwaochei, stated this on Tuesday in Lagos during a pre-event press conference ahead of the 49th Nigeria Annual International Conference and Exhibition scheduled for August 3 to 5 at the Eko Hotel & Suites.
Nwaochei said while the conclusion of the 2025 oil licensing round by the Nigerian Upstream Petroleum Regulatory Commission, which resulted in the award of 37 oil and gas blocks to 31 preferred bidders, was a positive development, the real challenge was converting the licences into producing assets.
“Awarding blocks is only the catalyst; converting exploration licences into daily producing volumes requires rapid technology deployment, reservoir precision, and disciplined capital mobilisation,” he said.
