How constant amendments to important laws send wrong signals to willing investors in oil and gas sector – PENGASSAN
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says policy instability discourages investment in Nigeria’s oil and gas sector.
Festus Osifo, president of PENGASSAN, spoke on Wednesday at the opening of the 4th petroleum and energy advancement and leadership summit (PEALS 2025) in Abuja.
The summit’s theme was ‘Building a Resilient Oil and Gas Sector in Nigeria’.
Addressing industry stakeholders at the event, Osifo said constant amendments to important laws, especially the Petroleum Industry Act (PIA), have created uncertainty for investors.
“Amendments are inevitable but must not be haphazard or intermittent,” he said.
“Businesses need stable policies for long-term planning, job protection, and sustainable production.”
While raising concerns about inconsistent legislative changes, Osifo lauded recent executive orders signed by President Bola Tinubu aimed at increasing oil production, promoting gas development, and simplifying contracting processes.
He described them as “steps in the right direction”.
On workers’ safety, the PENGASSAN president stressed that “no job is worth a life”, alluding to the 2024 helicopter crash in Port Harcourt that resulted in the deaths of three of the association’s members.
He underscored the importance of strong safety measures, continuous training, and open reporting across both offshore and onshore operations.
Addressing environmental issues, Osifo called for the immediate end of gas flaring, the cleanup of contaminated areas, and stronger accountability for oil companies.
The PENGASSAN president said Nigeria must safeguard its land, rivers, and atmosphere.
“Environmental, Social, and Governance (ESG) standards are now critical for global competitiveness. Sustainability reporting must sit ‘alongside financial statements,” Osifo added.
Speaking about the event, he said the summit would examine strategies for sustaining production recovery, reducing pipeline vandalism, resolving contract delays, developing marginal fields, and closing funding gaps.
He pledged that the union would continue prioritising members’ welfare, including leadership training, health programmes, wealth creation, and estate planning.
In his remarks, Bayo Ojulari, group chief executive officer (CEO) of NNPC, commended PENGASSAN’s leadership and described PEALS as a vital platform that brings together labour, industry, and government to shape the future of Nigeria’s energy sector.
He reaffirmed NNPC’s dedication to innovation, collaboration, and safety, stressing that cooperation with unions and regulators is essential to building a globally competitive oil and gas industry.
On his part, Muhammad Dingyadi, minister of labour and employment, urged Nigeria to lead in the worldwide shift toward cleaner energy and responsible industry practices.
“Resilience in oil and gas is not only about infrastructure or investment, but about people, labour policy, and empowering the workforce,” Dingyadi said.
He restated the ministry’s commitment to tripartite dialogue, decent work, skills development, and fair wages.
Dingyadi said health and safety must be “non-negotiable pillars” of a resilient energy system, urging companies to put ESG compliance first.
He also called on unions to pursue constructive dialogue and admonished government agencies to simplify regulations in a way that balances workers’ welfare with investor confidence.
