Business
Why SPE Tips Nigeria to Attain 3mbpd Oil Output by 2030
The Society of Petroleum Engineers (SPE) Nigeria Council is of the view that the country will achieve three million barrels of oil production per day by 2030.
Biztellers reports that the thoughts are predicated on the oil and gas sector regaining global investor confidence owing to reforms, transparent licensing rounds and accelerated gas development reposition, factors that have combined to make the country an attractive investment destination for major global players in the sector.
Chairman of the SPE Nigeria Council, Francis Nwaochei, stated this at the opening ceremony of the 49th Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Monday.
The NAICE 2026 is holding under the theme: Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience”.
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He said the recent policy reforms and coordinated actions by government and industry stakeholders were restoring confidence across the petroleum sector after years of declining investment.
According to him, Nigeria’s energy industry is entering a new phase driven by regulatory reforms, improved transparency, indigenous capacity and renewed efforts to attract long term capital.
He cited the successful conclusion of the 2025 Licensing Round, in which 31 companies emerged winners of 37 oil and gas blocks, as evidence of renewed investor appetite and a more transparent competitive bidding process.
“The industry is not standing still. The conclusion of recent licensing and bid rounds signals renewed investor interest and a more transparent competitive process.” The SPE Nigeria Council Chairman noted that the Federal Government’s Decade of Gas initiative was steadily positioning natural gas as the foundation for industrialisation, improved electricity supply, cleaner energy access and economic diversification. He also described the Federal Government’s planned N4 trillion government-backed bond to settle verified debts owed to electricity generation companies and gas suppliers as a significant intervention that would restore liquidity, improve bankability and strengthen confidence across Nigeria’s power and gas value chain.
According to him, these developments complement the broader vision of the Federal Government to increase crude oil production, deepen gas commercialisation and create a more predictable and investor-friendly operating environment.
He noted that the Ministers of State for Petroleum Resources, the Nigerian National Petroleum Company Limited (NNPC Ltd), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had consistently aligned around the goal of attracting investment, improving regulatory efficiency, expanding gas utilisation and growing Nigeria’s production capacity to three million barrels per day by 2030.
“The reforms, investments, regulatory actions and industry commitments we are witnessing today are the beginning of what resilience truly means for Nigeria’s energy industry,” he said.
Nwaochei said Nigeria possesses significant competitive advantages, including abundant hydrocarbon resources, resilient indigenous operators, world-class technical professionals and an expanding technology ecosystem capable of supporting long-term industry growth.
He, however, stressed that sustaining the industry’s momentum would require policy consistency, stronger regulatory coordination, technology deployment, local content development and greater collaboration among government, operators and investors.
“Nigeria’s energy future will be determined not only by the resources beneath our soil, but by how we develop technical solutions to our unique challenges, the quality of our leadership, the strength of our institutions, the clarity and stability of our policies, our willingness to innovate and our commitment to collaboration,” he said.
He urged participants at the three-day conference to move beyond identifying industry challenges and instead develop practical, implementable solutions capable of positioning Nigeria as a globally competitive energy destination.
The conference, one of Africa’s largest annual gatherings of petroleum professionals, will attract government officials, regulators, international and indigenous oil companies, service providers, investors, researchers, technology firms and students from Nigeria and other countries to discuss the future of the energy industry.
Chevron Nigeria won the second-best exhibitor award at the just-concluded 2026 Nigerian Association of Petroleum Explorationists (NAPE) conference and exhibition at Eko Hotels and Suites, Victoria Island, Lagos.
Biztellers reports that Olajumoke Cecilia Ajayi, FNAPE, NAPE President (2025–2026) and Managing Director/CEO of Ingentia Energies Limited, presented the award to Chevron, during the awards dinner on November 12, 2026.
The award is in recognition of Chevron’s outstanding exhibition, where visitors to its booth, particularly students, took part in Geology/Geophysics presentations and quizzes, word games, and Human Resources/Nigerian Content presentations and quizzes, with gifts for winners and participants.
Commenting on the award, the leader of the Chevron’s exhibition team, Dr. Victor Anyaegbudike, Manager Communications, Chevron companies in Nigeria and the Mid Africa Region, commended NAPE for its commitment to hosting the annual conference and exhibition. He noted that Chevron has operated in Nigeria for over 60 years, contributing to the country’s growth and development and making human investments that yield long-term, transformative returns.
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“At Chevron Nigeria, we drive innovation and investment to open up opportunities for growth, jobs, productivity and lasting value. Forums like the NAPE conference and exhibition matter because they bring government, academia, students and industry together around shared goals and a better understanding of one another,” he remarked.
Victor noted that Chevron is committed to building productive, collaborative and mutually beneficial relationships, grounded in trust, with governments, partners, customers, communities and employees. “We believe that affordable, reliable and ever-cleaner energy is vital to a more prosperous and sustainable world,” he said.
Attendees at the NAPE conference and exhibition included representatives of the Federal Government of Nigeria, industry regulators, industry leaders, academics, and students from tertiary institutions across the country.
The Nigerian Exchange Limited (NGX) recorded a 1.36 per cent weekly gain as its market capitalisation increased to ₦163.80 trillion at the close of trading on Friday, November 13, 2026.
The NGX All-Share Index (ASI) rose to 252,269.16 points, pushing the market’s year-to-date return to 62.11 per cent.
The performance reflected a positive trading week for the equities market, with 43 listed companies recording price appreciation, compared with 29 in the previous week.
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According to the Exchange’s weekly market report, investors traded 8.03 billion shares valued at ₦185.36 billion in 160,836 deals during the week.
This represented a significant increase in trading volume from the 2.83 billion shares exchanged in 192,158 deals in the preceding week, although the total value of transactions declined from ₦208.41 billion.
The Financial Services Industry dominated trading activities, accounting for 4.85 billion shares worth ₦95.79 billion. This represented 60.45 per cent of the total equity turnover volume and 51.68 per cent of turnover value.
The Agriculture Industry followed with 2.24 billion shares valued at ₦22.78 billion, while the Consumer Goods Industry recorded 260.99 million shares worth ₦11.89 billion.
Further details of the market performance showed that 39 equities declined during the week, compared with 57 in the previous week, while 64 equities closed unchanged against 60 recorded in the preceding period.
On the gainers’ chart, Champion Breweries Plc emerged as the best-performing stock, appreciating by 27.27 per cent, while LivingTrust Mortgage Bank Plc recorded the biggest loss, declining by 18.53 per cent.
Meanwhile, trading in Exchange-Traded Products (ETPs) stood at 1.21 million units valued at ₦278.97 million in 3,351 deals, compared with 1.46 million units worth ₦381.82 million in 4,085 deals in the previous week.
The fixed-income segment recorded 156,612 units valued at ₦177.88 million in 41 deals, against 21.99 million units worth ₦20.60 billion in 48 deals recorded in the preceding week.
The Exchange also recorded the listing of two commercial paper instruments issued by Thrive Agric Limited.
The instruments comprised ₦3.17 billion Series 1 (Tranche A) and ₦2.09 billion Series 1 (Tranche B) Commercial Papers, with a combined value of approximately ₦5.26 billion.
Nigeria produced a daily average of 1.687 barrels of crude oil and condensate in October 2026, and met its OPEC quota for the sixth consecutive month.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that in strict crude oil terms (excluding condensate), the country produced an average of 1.51mbpd in October.
This is 101 percent of the 1.5mbpd quota set by OPEC.
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The data, released on Wednesday, also shows that single-day production hit a peak of 1.79 million barrels, while the lowest for the month under review stood at 1.60 million bpd.
The crude oil data (excluding condensate) shows that Nigeria has met its assigned OPEC quota for six straight months, producing 1.53mobpd in May; 1.55mobpd in June; 1.51mobpd in July; 1.5mobpd in August, 1.53mobpd in September and 1.51mobpd in October.
On a month of month basis, however, production dipped by 1.7 percent.
The NUPRC attributed the stable performance in recent months to an enhanced operational stability, supported improved production uptime and crude evacuation efficiency.
The sustained growth recorded in October reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector.
A breakdown of the daily average crude oil and condensate production by terminals/streams during the review month shows that Forcados Terminal accounted for 318.49kbpd while Bonny comes second with 311.02kbpd.
Qua Iboe Terminal recorded an average production of 173.97kbpd of crude oil and condensates while Escravos Oil Terminal posted a daily average of 134.67kbpd.
Bonga ranked as the fifth highest producing terminal, recording an average of 106.65kbpd of crude oil and condensate.
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