SPE Praises Federal Government’s Transparent Oil Licensing Round

The Society of Petroleum Engineers (SPE) Nigeria Council has commended the Federal Government for conducting a transparent oil licensing round under the Petroleum Industry Act. The exercise, which awarded 37 oil and gas blocks to 31 preferred bidders, is seen as a significant milestone for Nigeria's upstream sector.

Francis Nwaochei, Chairman of SPE Nigeria Council, described the process as automated and market-driven, strengthening investor confidence through transparent licensing reforms. He noted that awarding these blocks presents opportunities to expand Nigeria's upstream industry and attract fresh investment.

Nwaochei emphasized the need for indigenous companies to strengthen technical expertise, financial resilience, and operational efficiency as they assume greater responsibility for managing strategic oil and gas assets. He also highlighted expanding private and modular refineries as an opportunity to position Nigeria as a regional refining hub while balancing domestic crude supply obligations with market-based investment returns.

The conference theme 'Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,' reflects shifting global investment, technology, geopolitics, and decarbonisation trends. Nwaochei called on investors, policymakers, researchers, operators, service companies, and young professionals to participate, describing NAICE 2026 as a platform for translating policy discussions into practical industry solutions.