Petroleum Engineers Urge Digital Shift, Smart Capital For Oil Industry Resilience

Petroleum engineers have urged a rapid shift toward digital innovation and smarter capital strategies to build resilience in Nigeria’s oil industry, as global pressures make profits harder to secure.
Speaking at the opening of the 2026 Oloibiri Lecture and Energy Forum (OLEF) in Abuja, chairman of the Society of Petroleum Engineers (SPE) Nigeria Council, Francis Nwaochei, called for moving beyond the three million barrels per day production target. He emphasised intelligence, resilience, and shared prosperity in a landscape where “data is as strategic as hydrocarbons” and capital grows increasingly selective.

Nwaochei highlighted opportunities to unlock value from existing assets through digital tools, disciplined financing, and adaptive regulations.
“We are at a critical inflection point,” he said, noting fiercer global competition for investment and the need for innovation to sustain Nigeria’s energy competitiveness.
“We are now operating in an environment where oil profits are achieved with increased effort, discipline, and innovation. The global energy landscape is shifting, capital is more selective, and competition for investment has never been fiercer. Yet, within these challenges lies a powerful opportunity—to unlock new value from existing assets through digital innovation, disciplined financing, and adaptive regulatory frameworks,” he said.

The forum’s breakout sessions zero in on three pillars: Policy and Regulation, to ensure frameworks support rather than hinder innovation; Finance and Capital, to bridge funding gaps amid retreating traditional investors; and Digital and Data, to enable real-time decisions that improve efficiency, extend asset life, and lower costs.
These sessions aim to deliver a joint action plan, spearheaded by SPE and stakeholders from government, regulators, and operators. The plan will drive policy changes, investment decisions, and operational improvements, with Nwaochei stressing that the industry’s future depends on “how intelligently we manage what we already have.”
Proceedings continue with strategic keynotes and plenaries outlining current initiatives across the sector.