PENGASSAN Demands NASS Review Of Tinubu’s Oil Executive Orders

...Seeks regulatory stability, faster approvals, protection of workers, domestic refineries

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on President Bola Tinubu to forward his recent Executive Orders on the oil and gas industry to the National Assembly for consideration as an Executive Bill to amend the Petroleum Industry Act (PIA).

The union also demanded that stakeholders in the petroleum industry be carried along in the process, warning that policy uncertainty and abrupt regulatory changes could undermine investor confidence and frustrate efforts to attract the capital required to grow the sector.

PENGASSAN made the demands in a communiqué issued on Friday at the end of its 3-day 5th PENGASSAN Energy and Labour Summit (PEALS) themed “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry.”

The summit brought together government officials, regulators, operators, investors, organised labour and other industry stakeholders.

The union acknowledged the PIA 2021 as a major milestone in petroleum sector reform but said the existence of laws alone could not guarantee investment without predictable and consistent implementation.

The communique partly reads: “The long-term capital required for oil and gas development depends not only on the existence of laws and regulations, but on their predictability, durability, transparency and consistent application.”

PENGASSAN consequently urged government and regulatory institutions to minimise abrupt policy changes and ensure adequate stakeholder consultation before introducing major changes to the industry.

In the communique signed by PENGASSAN President, Comrade Festus Osifo and…