PENGASSAN Warns of Regulatory Threats to Oil Investment

At the fifth PENGASSAN Energy and Labour Summit 2026 held in Abuja, Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), expressed concerns regarding regulatory uncertainty, overlapping mandates, and lengthy approval processes in Nigeria's oil and gas industry. He stated that these issues could deter fresh investment and hinder production growth.

The summit, themed “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry,” aimed to address ways to enhance stability and attract investment. Osifo noted that while the Petroleum Industry Act of 2021 was a significant reform, subsequent changes, including the transfer of fiscal provisions to the Nigeria Revenue Act, have created uncertainty.

He called for streamlined approval processes, effective oversight, and stronger protections for workers affected by industry changes. Osifo emphasized that investors require clear rules and that delays in approvals could undermine development plans and production increases.