The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that persistent policy instability is discouraging investment in the Nigeria’s oil and gas industry.
Festus Osifo, PENGASSAN President expressed the concern on Wednesday at the opening of the 4th Petroleum and Energy Advancement and Leadership Summit (PEALS 2025) in Abuja themed “Building a Resilient Oil and Gas Sector in Nigeria.”
Osifo, criticised what he termed as erratic legislative changes, warning that frequent amendments to critical laws, particularly the Petroleum Industry Act (PIA), have unsettled investors.
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“Amendments are inevitable, but must not be haphazard or intermittent. Businesses need stable policies for long-term planning, job protection, and sustainable production,” he said.
The president, however commended recent executive orders signed by President Bola Tinubu to boost oil output, accelerate gas development, and streamline contracting processes, describing them as “steps in the right direction.”
On worker safety, Osifo stressed that “no job is worth a life,” calling for robust safety procedures, continuous training, and transparent reporting across offshore and onshore facilities. He recalled the 2024 helicopter crash near Bonny that killed three union members.
Turning to environmental issues, he demanded an immediate end to gas flaring, remediation of polluted areas, and stricter accountability for oil operators. Nigeria, he said, must protect its land, rivers, and air.
“Environmental, Social, and Governance (ESG) standards are now critical for global competitiveness. Sustainability reporting must sit alongside financial statements,” Osifo added.
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He said the summit would explore strategies for sustaining production recovery, tackling pipeline vandalism, resolving contract delays, developing marginal fields, and bridging funding gaps. He also pledged the union’s continued focus on members’ welfare through leadership training, health initiatives, wealth creation schemes, and estate planning.
