3M BARRELS DAILY TARGET! NIGERIA DREAMS BIG AS STAKEHOLDERS DEMAND FRESH INVESTMENTS BY AMINAT KOMOLAFE MUSTOPHA

BY AMINAT KOMOLAFE MUSTOPHA

GREATRIBUNETVNEWS –Nigeria’s push to hit three million barrels per day took centre stage at the 2026 Energy Conference of the Association of Energy Correspondents of Nigeria (NAEC) in Lagos.

THE THEME & CROWD:
Conference theme — “Access to Assets: Empowering Players and Driving Growth” — drew policymakers, regulators, oil and gas operators, financiers and investors to chart ways of unlocking assets and expanding production capacity.

INDIGENOUS GIANTS IN FOCUS:
Panel session x-rayed growth prospects of indigenous oil companies and whether Nigerian operators can emerge as major producers in the next decade.

THE PRODUCTION GAP:
Stakeholders admitted current production is still below the 3m bpd national aspiration, with declining output from mature assets posing a major threat.

THE STRATEGY — REDEVELOP + EXPLORE:
Call to maximise existing assets through field redevelopment while aggressively pursuing deeper exploration and new reserves.

TECHNOLOGY GAME-CHANGER:
Advances in drilling technology now help operators better predict subsurface pressure, making deeper drilling less risky than before.

MANPOWER MATTERS:
Need for competent explorationists and geologists stressed — decisions at exploration stage can make or mar multi-million dollar investments.

THE MONEY PROBLEM:
Financing remains the big hurdle — achieving oil and gas ambitions requires substantial long-term capital.

A panelist with experience in raising significant financing for oil and gas acquisitions identified a mismatch between the scale and type of capital required by Nigeria and Africa and what some international financiers are currently prepared to provide.

Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it was continuing efforts to deepen exploration, increase production, attract investment and create jobs through successive licensing rounds.

Representing the NUPRC Chief Executive, Mrs Oritsemeyiwa Eyesan, at the conference, the Commission’s representative, Temisan Olatunde, said the regulator had conducted licensing rounds in previous years and had now launched the 2026 licensing round.

According to the Commission, the objective of the successive licensing rounds is to deepen exploration, create jobs, increase production and expand government revenue.

The NUPRC also emphasised the importance of reducing investment risks by making quality geological and technical data available to prospective investors.

The Commission said the 2026 licensing process would be guided by transparency and predictability, with eligibility requirements, bid parameters, evaluation criteria and conditions of award clearly outlined for investors.

The regulator further disclosed that 77 wells had been successfully re-entered, while 128 wells had been approved for drilling in 2026.

The conference also examined Nigeria’s gas development ambitions under the Decade of Gas initiative, with stakeholders stressing the need to increase gas production and domestic supply while developing the infrastructure required to support industrial growth.

In a goodwill message, Heritage Energy stressed that sustainable value creation in the petroleum industry would require collaboration among operators, regulators, investors, contractors, host communities and other stakeholders.

The company highlighted the importance of professional excellence, effective operations and maintenance, health and safety, risk management, responsible operations and continuous improvement.

The NUPRC representative also called for stronger collaboration with the media, noting that energy reporting could influence investor perception of Nigeria’s petroleum industry and either attract or discourage investment.

The conference therefore underscored the need for Nigeria to combine regulatory reforms with increased capital, technological innovation, competent human resources and stronger stakeholder collaboration to achieve its oil and gas production ambitions.