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The Society of Petroleum Engineers (SPE) Nigeria Council says new licensing awards and the federal government’s Decade of Gas initiative are fueling a rebound in Nigeria’s oil and gas industry.
Speaking at the opening of the 49th Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Monday, the Chairman of SPE Nigeria Council, Engr. Francis Nwaochei said the sector is not standing still.
He mentioned the 2025 Licensing Round, where 31 companies won 37 oil and gas blocks, as evidence of renewed investor interest and a more transparent process.
He added that the Decade of Gas initiative continues to position natural gas as the bridge to industrialization, power reliability, cleaner energy access, and economic diversification.
According to him, the Federal Government’s plan to settle verified arrears owed to generation companies and gas suppliers through a ₦4 trillion government-backed bond is another important step toward restoring liquidity, confidence and bankability across the power and gas value chain.
He explained that these actions align with the broader vision being articulated by the leadership of Nigeria’s energy sector.
He said Minister of State for Petroleum Resources, Oil, has emphasized that Nigeria is returning to the global investment map and that production growth must be sustained through a transparent, predictable and investor-friendly environment.
He also said: “The Honourable Minister of State for Petroleum Resources, Gas, has described the Decade of Gas as more than a slogan, but as a national strategy to harness Nigeria’s gas resources for economic transformation, industrialization and energy transition.
“The Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, and Nigerian Midstream and Downstream Petroleum Regulatory Authority have also consistently spoken to the need for policy alignment, capital attraction, regulatory efficiency, technology deployment, gas expansion, and the ambition to grow production capacity toward three million barrels per day by 2030. These are not isolated statements; together, they reflect a shared national direction.”
He said energy systems are being reshaped by the urgent need for energy security, affordability, sustainability, digital transformation, decarbonization, artificial intelligence, automation, operational efficiency, and responsible resource development across the world.
This evolving landscape, he said, presents both significant challenges and extraordinary opportunities for Nigeria.
He disclosed that Nigeria has abundant hydrocarbon resources, a growing gas economy, resilient indigenous operators, world-class professionals, an expanding technology ecosystem, and a policy environment that is increasingly focused on restoring confidence and unlocking investment.
