Francis Nwaochei: Nigeria’s Upstream Oil Sector Entering Competitive Era

Nigeria's upstream oil sector is poised for a more competitive era, shaped by ongoing reforms and a strategic approach to the global energy landscape, according to Francis Nwaochei, Chairman of the Society of Petroleum Engineers (SPE) Nigeria Council.

In an interview, Nwaochei highlighted that policy stability is the bedrock of sustainable growth, enabling businesses to plan, secure financing, and make long-term investments. He stressed the importance of accelerating technology adoption across the energy value chain, drawing parallels with Korea's rapid emergence in AI as an example of how innovation drives economic advantage. The SPE views energy security, economic growth, and environmental sustainability as complementary goals, advocating for a pragmatic and just energy transition for Africa.

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Oil and gas will remain vital to economic growth while the industry reduces emissions, eliminates routine gas flaring, improves efficiency and deploys cleaner technologies.

"Oil and gas will remain vital to economic growth while the industry reduces emissions, eliminates routine gas flaring, improves efficiency and deploys cleaner technologies," Nwaochei stated. He identified natural gas as a critical transition fuel and emphasized that revenues from current hydrocarbon production should finance future renewable energy, innovation, and sustainable infrastructure.

The upcoming 49th Nigeria Annual International Conference and Exhibition (NAICE 2026) will center on the theme, “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience.” This theme reflects the current global shift towards a balanced energy mix, with energy security reaffirming the strategic role of oil and gas, as noted by Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil). The conference aims to foster collaboration among government, regulators, industry, investors, academia, and technology providers to convert opportunities presented by reforms like the Petroleum Industry Act (PIA), NNPC Limited’s commercialization, and digital innovation into practical actions that will strengthen Nigeria's energy future and advance Africa's energy transformation.

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The theme: “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,” reflects the realities of today’s energy industry.