OIL workers, represented by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have reaffirmed commitment to collaborating with industry stakeholders to eradicate crude oil theft and enhance economic development in Nigeria.
Speaking at the opening ceremony of the third edition of the PENGASSAN Energy and Labour Summit (PEALS) in Abuja, PENGASSAN President, Festus Osifo, highlighted the severe impact of crude oil theft on the industry, the economy and national integrity.
He emphasised the association’s dedication to continue advocating for solutions both in public forums and behind closed doors until this issue is resolved.
Osifo asserted that PENGASSAN remains resolute in its partnership with other industry stakeholders to address this challenge through improved security measures, technological advancements, community engagement and collaboration with law enforcement.
He urged stakeholders to develop actionable solutions and called on the government to steer the nation towards positive economic development.
“As we gather here, let us not lose sight of the broader state of our nation. Nigeria stands at a crossroads and our decisions in the coming days will shape government policies and economic outlook. We must drive positive change, foster economic growth and ensure prosperity for our people,” Osifo said.
He criticised recent government policies, such as the devaluation of the naira, which he claimed has led to severe economic hardship for Nigerians, including skyrocketing fuel prices.
Osifo argued that while the floating of the naira has benefited oil and gas companies, it has exacerbated challenges for workers.
He called for a salary benchmark for oil and gas workers and advocated fair distribution amid currency fluctuations.
Osifo also expressed appreciation for President Bola Tinubu’s recent executive order, which provides incentives for investments in the oil and gas sector.
He noted that this order has contributed to the recent $550 million Final Investment Decision (FID) by the Nigeria National Petroleum Corporation (NNPC) Limited and Total Energies for the Ubeta project.
He commended NNPC Limited for its efforts to strengthen partnerships in both the upstream and downstream sectors, highlighting recent memorandums of understanding (MOUs) with Total Energies and Shell.
“The expansion of compressed natural gas (CNG) and liquefied natural gas (LPG) infrastructures by NNPC Limited across the country is a positive development that should be supported and expanded,” Osifo added.
He stressed the importance of collective efforts and the contributions of all participants in the summit, confident that these discussions will lead to a more sustainable energy future for Nigeria.
Minister of State for Labour and Employment, Nkeiruka Onyejeocha, noted that the summit provided a crucial platform for professionals, policymakers and stakeholders to discuss the future of Nigeria’s oil and gas industry.
She emphasised the need to address challenges such as energy security, crude oil theft and access to cheaper energy and encouraged the use of artificial intelligence to improve the sector.
Onyejeocha expressed concern about Nigeria’s dependence on petroleum resources and the need to identify the connection between national security and energy availability.
She urged the summit participants to explore innovative strategies and harness opportunities for indigenous oil companies in light of recent policy changes and divestments by international oil companies.
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