SPE Urges Rapid Development of New Oil Blocks to Hit 3mbpd Target

The Society of Petroleum Engineers (SPE) Nigeria Council is urging the Federal Government and industry operators to accelerate the development of newly awarded oil and gas blocks. According to Francis Nwaochei, chairman of the SPE Nigeria Council, swift execution, not just licensing, will determine if Nigeria achieves its target of producing three million barrels of crude oil per day (bpd) by 2030.

The council commended the Federal Government for conducting a transparent and market-driven licensing process under the Petroleum Industry Act (PIA), but noted that indigenous independent producers have become the backbone of Nigeria's upstream industry, accounting for about 60 percent of the country's oil production. Nwaochei emphasized the need for local operators to demonstrate stronger technical capability, financial resilience, and effective asset management to sustain output growth.

Financing is identified as one of the biggest hurdles to expanding production, with many Western lenders reducing exposure to fossil fuel projects. The proposed African Energy Bank, alongside regional financial institutions and private equity, could help unlock capital for new oil and gas developments. Nwaochei also called for wider adoption of digital technologies, including artificial intelligence and fibre-optic pipeline surveillance.