Nigeria’s upstream oil and gas industry is at a defining moment. As indigenous operators continue to assume greater responsibility for developing the nation’s hydrocarbon resources, the conversation has evolved beyond asset acquisition to a more fundamental question: What does it take to build resilient, investment-ready indigenous energy companies capable of sustaining long-term growth?
While recent reforms and increased indigenous participation have opened new opportunities across the sector, they have also heightened expectations. Today’s investors are no longer looking solely at the size of an asset portfolio, rather they are evaluating the strength of the organisation behind it. Strong governance, prudent financial management, operational excellence, technological capability, and a proven track record of performance have become defining indicators of long-term success.
Against this backdrop, industry leaders converged at the 25th edition of NOG Energy Week 2026 held in Abuja, Nigeria’s capital city to examine the opportunities and challenges shaping the future of Nigeria’s energy industry. The annual conference brought together policymakers, regulators, investors, international and indigenous operators, service providers, and technology experts to explore practical pathways for strengthening investment, driving innovation, and enhancing the competitiveness of the country’s oil & gas sector.
These critical issues formed the basis of discussions during the strategic panel session titled, “A Defining Moment for Upstream – Unlocking the Next Wave of Investment Opportunities,” where Engr. (Mrs.) Elozino Olaniyan, FNSE, FNSChE, FNISafetyE Managing Director/Chief Executive Officer of Midwestern Oil & Gas Company Limited, joined other industry leaders to share practical insights drawn from experience and operational realities.
Speaking from Midwestern’s two-decade journey as one of Nigeria’s leading indigenous exploration and production companies, Engr. Olaniyan challenged the industry to look beyond the acquisition of assets and focus on building enduring institutions. Drawing from her experience working in both international oil companies (IOCs) and indigenous operators, she highlighted the distinct realities faced by indigenous companies and the deliberate effort required to build sustainable businesses capable of attracting long-term investment.
“One of the things I’ve learned coming from the majors into an indigenous company is that the majors have a lot of givens, they have large asset bases, access to technology, people, R&D, and capital. Indigenous companies have to build those capabilities over time, and that requires consistency.” She stated.
Engr. Olaniyan noted that while many indigenous operators are actively pursuing new opportunities through ongoing bid rounds, long-term success depends not only on acquiring assets but on demonstrating the capacity to develop them efficiently and sustainably.
Referencing Midwestern’s journey, the MD/CEO expressed pride in the Company’s track record as one of the indigenous operators that has successfully transformed marginal field opportunities into productive assets through sustained investment in people, technology, and operational excellence.
“At Midwestern, we have demonstrated over the past 20 years that a Nigerian operator can successfully develop assets, create value, and build a reputation for performance.”
She further explained that building investor confidence extends beyond operational capability and requires strong financial discipline, sound corporate governance, and prudent capital management. “Before anyone invests in your organisation, they need confidence that they will receive value for the capital they are investing. That confidence is built through sound governance, financial discipline, and a proven track record.”
While human capital development serves as one of the most critical, and often overlooked drivers of the industry’s future competitiveness, Engr. Olaniyan noted that IOCs have historically invested significantly in developing technical talent, but the responsibility for sustaining that pipeline of expertise now rests increasingly with indigenous operators.
“As we prepare to develop the next generation of hydrocarbon assets in Nigeria, we must ask ourselves: where are the people who will develop them? Developing our people must remain a strategic priority if indigenous companies are to sustain long-term growth.”
She further emphasised that collaboration among indigenous operators remains essential to improving efficiency, reducing costs, and leveraging economies of scale.
Drawing from Midwestern’s operational experience in Kwale, Delta State, she explained that collaboration enables operators to optimise shared infrastructure and resources while creating mutual value across the industry.
“Collaboration is one area where we have achieved significant success at Midwestern. Working alongside our cluster partners enables us to leverage economies of scale and create greater operational efficiency.”
Summarising the key ingredients for success, Engr, Olaniyan identified people development, technology, innovation, sound governance, financial discipline, reputation, and collaboration as the pillars upon which indigenous companies must build if they are to attract investment and lead the next phase of Nigeria’s upstream growth.
Her participation at NOG Energy Week 2026 reinforces Midwestern’s commitment to contributing meaningfully to industry dialogue and advancing practical solutions that strengthen Nigeria’s energy sector while supporting sustainable economic development.
As the industry continues to evolve, Midwestern remains committed to operational excellence, responsible resource development, and strategic partnerships that position the Company, and Nigeria’s indigenous upstream sector for long-term success.