Oloibiri lecture focuses on energy competitiveness

The 2026 edition of the Oloibiri Lecture and Energy Forum has positioned digitalisation, capital mobilisation and regulatory reforms as key pillars for Nigeria’s long-term energy competitiveness.

Chairman of the Society of Petroleum Engineers Nigeria Council, Francis Nwaochei, said the forum marks a critical opportunity to reshape the industry around resilience, intelligence and shared prosperity.

According to him, OLEF 2026 reflects the industry’s resolve to move beyond discussions and focus on practical, scalable solutions capable of strengthening resilience and unlocking long-term value for Nigeria.

Held under the theme, “Beyond Three Million Barrels Target: Harmonising Digitalisation, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation,” the event attracted ministers, regulators, national oil company executives and stakeholders from across the energy value chain.

At the forum, Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bashir Bayo Ojulari, said Nigeria’s upstream sector has attracted more than $24 billion in investment following reforms introduced by the Nigerian Upstream Petroleum Regulatory Commission.

Represented by Udobong Ntia, Ojulari said reforms targeting legacy asset disputes and delayed Final Investment Decisions have improved investor confidence. He added that achieving Nigeria’s three million barrels per day production target will depend on stronger capital flows, better data utilisation and effective regulation.

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Keynote speaker and Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, said production growth would require more than increased drilling activity. She stressed the need for flexible regulatory frameworks that can attract investment, support digital oilfields and deliver sustainable value.

Eyesan noted that while Nigeria has significant oil and gas reserves, years of underperformance highlight the importance of disciplined execution and stronger alignment between policy, capital and technology.

Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Saidu Mohammed, also said Nigeria’s ambition to reach three million barrels of oil per day and 22 billion cubic feet of gas production would require financing, technology and effective regulation.

He added that the country has the potential to strengthen its position as a resilient energy hub despite changing global energy dynamics.

Nwaochei said the future of the industry will depend not only on the volume of resources extracted, but on how effectively those resources are managed through innovation, discipline and smarter regulation.

The annual OLEF platform, organised by the SPE Nigeria Council, remains one of the industry’s leading forums for dialogue, collaboration and innovation across Nigeria’s energy sector.