The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that frequent changes to the regulatory framework under the Petroleum Industry Act (PIA) has threatened fresh investment in Nigeria’s oil and gas industry.
PENGASSAN President Festus Osifo during a media chat with journalists in Lagos noted that policy inconsistency on the part of government serve as a wrong signal to investors in the sector.
Speaking on the success recorded so far on the Petroleum industry Act passed in August 2021, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria , Festus Osifo said there should be a level of certainty for the legislation to work for certain period of time to attract new investors
Osifo also decried the way and manner at which a section of the PIA on fiscals and royalty was moved into the Nigeria Revenue Service Bill.
The Pengassan President further speaks on reasons government-owned refineries were shut down, saying the facilities were losing money rather than being incapable of functioning.
Osifo while commending the media for their support also reaffirmed PENGASSAN’s commitment to protecting companies and workers within Nigeria’s oil and gas industry.
He said the union would continue to work with stakeholders to ensure the growth and sustainability of the sector.
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(Editor: Nkoli Omhoudu)
