By DAYO ADESULU
Frequent Amendments to Petroleum Laws Creating Investor Uncertainty
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has cautioned that persistent policy instability is discouraging fresh investment in Nigeria’s oil and gas sector.
President of PENGASSAN, Festus Osifo, raised the concern on Wednesday at the opening of the 4th Petroleum and Energy Advancement and Leadership Summit (PEALS 2025), held in Abuja. The summit’s theme was “Building a Resilient Oil and Gas Sector in Nigeria.”
Osifo explained that while policy reviews are necessary, the frequency of legislative amendments, especially to the Petroleum Industry Act (PIA), has unsettled potential 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 stressed.
Tinubu’s Executive Orders Welcomed
Despite concerns over erratic legislation, the PENGASSAN president commended recent executive orders signed by President Bola Tinubu, which are designed to boost crude oil production, enhance gas development, and simplify contracting processes in the sector.
He described the measures as “steps in the right direction” that could restore investor confidence if consistently implemented.
Worker Safety and the Bonny Helicopter Crash
Turning to workforce concerns, Osifo underscored the importance of health and safety in the oil and gas industry.
He recalled the 2024 helicopter crash near Bonny, Rivers State, that claimed the lives of three union members, insisting that such tragedies must never be repeated.
“No job is worth a life. We need strong safety procedures, continuous training, and transparent reporting across both offshore and onshore facilities,” he said.
Call for Environmental Responsibility
Osifo also demanded urgent action against gas flaring, environmental degradation, and oil pollution across the Niger Delta.
He urged government and operators to prioritize cleanup projects and hold violators accountable.
“Environmental, Social, and Governance (ESG) standards are now critical for global competitiveness. Sustainability reporting must sit alongside financial statements,” he added.
NNPC, Labour Ministry Stress Collaboration
In his remarks, the Group CEO of NNPC Ltd, Bayo Ojulari, commended PENGASSAN for providing a strategic platform where labour, industry players, and government can shape Nigeria’s energy future.
He reaffirmed NNPC’s commitment to innovation, collaboration, and safety, adding that strong partnerships with unions and regulators were vital to building a globally competitive oil and gas industry.
Also speaking, the Minister of Labour and Employment, Muhammad Dingyadi, urged Nigeria to lead in the global transition toward cleaner energy and ethical practices, rather than lag behind.
“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 dedication to tripartite dialogue, decent work, fair wages, and skills development, while emphasizing that health and safety must remain “non-negotiable pillars of a resilient energy system.”
Pathways to a Stronger Sector
The PENGASSAN president revealed that discussions at PEALS 2025 would focus on:
- Sustaining production recovery,
- Tackling pipeline vandalism,
- Addressing contract delays,
- Developing marginal fields, and
- Bridging sector-wide funding gaps.
He further pledged that the union would continue prioritizing members’ welfare, including leadership training, healthcare, wealth creation initiatives, and estate planning.
Key Takeaway
Nigeria’s oil and gas sector, which accounts for the bulk of foreign exchange earnings, continues to grapple with regulatory uncertainty, safety challenges, and environmental concerns. While recent reforms and executive actions signal progress, PENGASSAN insists that only policy stability, worker protection, and environmental responsibility can guarantee a resilient and competitive industry.
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