Oil & Energy
Policy Instability, Bane Of Oil Investment
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has cautioned that ongoing policy instability is discouraging investment in Nigeria’s oil and gas sector.
PENGASSAN’s President, Festus Osifo, raised the concern at the opening of the 4th Petroleum and Energy Advancement and Leadership Summit (PEALS 2025), with the theme “Building a Resilient Oil and Gas Sector in Nigeria”, held in Abuja.
Osifo insisted that frequent amendments to key laws, particularly the Petroleum Industry Act (PIA), had created uncertainty for investors.
Osifo, who averred that amendments are inevitable in business, stated however that “it must not be haphazard or intermittent. Businesses need stable policies for long-term planning, job protection, and sustainable Production”.
While expressing concern over what he termed erratic legislative changes, he commended recent executive orders signed by President Bola Tinubu aimed at boosting oil production, advancing gas development, and streamlining contracting processes, describing them as “steps in the right direction.”
On worker safety, Osifo emphasised that “no job is worth a life”.
Referencing the last 2024 helicopter crash near Bonny that claimed the lives of three PENGASSAN members, Osifo stressed the need for strong safety procedures, continuous training, and transparent reporting across both offshore and onshore facilities.
Turning to environmental concerns, he called for an immediate end to gas flaring, cleanup of polluted areas, and stricter accountability for oil operators insisting that Nigeria must protect its land, rivers, and air.
“Environmental, Social, and Governance (ESG) standards are now critical for global competitiveness. Sustainability reporting must sit alongside financial statements”, Osifo added.
The PENGASSAN President said the summit would explore pathways to sustaining production recovery, curbing pipeline vandalism, resolving contract delays, developing marginal fields, and bridging funding gaps.
He also pledged the union’s continued commitment to members’ welfare including leadership development, health programmes, wealth creation, and estate planning.