The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has reaffirmed its commitment to combating crude oil theft, promising not to rest until the issue is resolved.
Festus Osifo, President of PENGASSAN and Trade Union Congress (TUC), made this declaration at the 2024 PENGASSAN Energy and Labour Summit (PEALS 2024) in Abuja on Wednesday, August 21. The summit, themed “The Future of Nigeria’s Oil and Gas Industry: Energy Mix, Energy Security, Artificial Intelligence, Divestment, and Crude Oil Theft,” highlighted the critical challenges facing the sector.
Osifo stated, “Crude oil theft is a major threat to our industry, our economy, and our national integrity. As an Association, we have been active both publicly and privately to address this issue, and we will not relent until we achieve success.”
He emphasized that PENGASSAN is committed to working with other industry stakeholders to tackle the problem through improved security, technological advancements, community engagement, and collaboration with law enforcement agencies.
“Nigeria is at a pivotal moment, especially in the oil and gas sector. Our actions and decisions must focus on rescuing the country,” Osifo said. He noted that the summit aims to develop a policy framework to guide the government’s economic strategies.
Osifo also criticized the recent floating of the Naira in the official market, which he said has worsened the challenges faced by workers in the sector. He urged industry players to find innovative solutions to mitigate financial losses and ensure a fair environment for all.
The PENGASSAN President expressed appreciation to President Bola Tinubu for the recent Executive Order granting incentives to investments in the oil and gas industry. This move, he noted, contributed to the recent $550 million Final Investment Decision announced by NNPC Limited and TotalEnergies for the Ubeta project.
