Wole Ogunsanya Calls for Expertise in Oil Asset Awards

At the Nigeria Energy Leaders Summit 2026 in Lagos, Mr. Wole Ogunsanya, Chairman of the Petroleum Technology Association of Nigeria and CEO of Geoplex Drillteq, called on the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to prioritize proven technical capacity when awarding oil and gas blocks. He warned that assigning prolific assets to unqualified companies contributes to Nigeria's production underperformance and revenue losses.

Ogunsanya highlighted the need to increase oil and gas production from the current 1.7-1.8 million barrels per day to the federal government's target of 3 million barrels by 2030. He noted that Nigeria has significant refining capacity, including Dangote Refinery's ramp-up to 1.4 million barrels per day and NNPC's 450,000 barrels.

However, he criticized the upstream sector for poor asset stewardship, stating that many assets were awarded to companies lacking the necessary expertise and funding. He argued that the issue lies not in the lack of Nigerian expertise but in the misallocation of opportunities.