PENGASSAN President Warns of Investment Threats in Oil Sector

Comrade Festus Osifo, the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), expressed concerns regarding the impact of frequent changes to Nigeria's petroleum regulatory framework on investor confidence and the long-term growth of the oil and gas industry. Speaking at the 5th PENGASSAN Energy and Labour Summit (PELS) in Abuja, he emphasized the need for a predictable, transparent, and efficient regulatory environment to attract sustained investment.

Osifo noted that while the Petroleum Industry Act (PIA) 2021 was a significant milestone, alterations to key aspects of the framework within five years of its implementation, including the removal of fiscal provisions to the Nigeria Revenue Act, could weaken investor confidence. He highlighted the importance of regulatory certainty for capital-intensive investments in the oil and gas sector, urging regulators to simplify approval processes and eliminate unnecessary duplication to encourage investment and enhance production.