The 2026 Oloibiri Lecture & Energy Forum (OLEF 2026) has been positioned as a critical turning point for Nigeria’s energy sector, with industry leaders outlining a pathway toward a more competitive, innovation-driven future anchored on technology, capital inflows, and regulatory alignment.
Chairman of the Society of Petroleum Engineers Nigeria Council, Mr. Francis Nwaochei, described the forum as a defining opportunity to reset the industry’s trajectory toward resilience, intelligence, and shared prosperity. He stressed that the focus must shift from dialogue to implementation of scalable solutions that can unlock long-term value.
Held under the theme, “Beyond Three Million Barrels Target: Harmonizing Digitalization, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation,” the forum convened top-level stakeholders, including government ministers, regulators, national oil company executives, and private sector leaders across the energy value chain.
A major highlight of the event was the disclosure by the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Engr. Bashir Bayo Ojulari, that Nigeria’s upstream sector has attracted over $24 billion in new investments. Represented by EVP Upstream, Udobong Ntia, he attributed this surge to targeted reforms by the Nigerian Upstream Petroleum Regulatory Commission, particularly in resolving legacy asset disputes and unlocking previously stalled Final Investment Decisions.
Ojulari emphasized that achieving Nigeria’s ambitious 3 million barrels per day production target will depend on a strategic blend of capital availability, data-driven operations, and efficient regulation. He expressed optimism that Nigeria remains well-positioned to compete in the evolving global energy landscape.
In her keynote address, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, underscored that boosting production goes beyond increased drilling. She called for agile regulatory systems capable of attracting sustained investment, enabling digital oilfield transformation, and ensuring long-term value creation. Despite Nigeria’s vast hydrocarbon reserves, she noted that historical underperformance highlights the urgent need for disciplined execution and stronger alignment between policy, capital, and technology.
Similarly, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Engr. Saidu Mohammed, pointed out that meeting Nigeria’s targets of 3 million barrels of oil per day and 22 billion cubic feet of gas will require robust financing, advanced technology deployment, and effective regulatory oversight. He added that these efforts are essential to positioning Nigeria as a resilient energy hub amid shifting global dynamics.
While the country continues to pursue higher production levels, discussions at OLEF 2026 reflected a broader strategic shift toward maximizing value from existing assets through innovation, disciplined investment, and smarter governance frameworks.
Nwaochei summed up the industry’s outlook, noting that the future will be defined not merely by the volume of resources extracted, but by the intelligence and efficiency with which they are managed.
The Oloibiri Lecture & Energy Forum remains the flagship annual platform of the SPE Nigeria Council, fostering dialogue, collaboration, and forward-thinking solutions aimed at transforming Nigeria’s energy sector.