PENGASSAN Throws Weight Behind Federal Gov’t To End Crude Oil Theft

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has assured its full support to the Federal Government in its ongoing efforts to eradicate crude oil theft, a persistent issue that has plagued the nation’s oil and gas sector.

The commitment was made on Wednesday by the PENGASSAN President, Comrade Festus Osifo, during his opening address at the ongoing PENGASSAN Energy and Labour Summit (PEALS 2024) in Abuja.

In his speech, Comrade Osifo emphasised the critical role of the summit in addressing the pressing challenges facing Nigeria’s oil and gas industry.

Osifo highlighted the theme of this year’s summit, “The Future of Nigeria’s Oil and Gas Industry: Energy Mix, Energy Security, Artificial Intelligence, Divestment, and Crude Oil Theft,” as particularly relevant, given the current state of the sector.

“The scourge of crude oil theft poses a significant threat to our industry, economy, and national integrity. As an association, we have been at the forefront of this battle, both through public advocacy and strategic collaborations within the industry.

“We are committed to working alongside the government and other stakeholders to implement enhanced security measures, technological innovations, community engagement, and closer collaboration with law enforcement agencies”, he stated

The summit, which will run from August 21 to 23, has brought together industry experts and stakeholders to engage in discussions aimed at shaping the future of Nigeria’s oil and gas industry.

Topics, such as energy security, the integration of artificial intelligence, and the impact of international oil companies’ divestment from Nigeria are among the critical issues being addressed.

Osifo also expressed concern about the broader economic challenges facing Nigeria, particularly the recent policy directions that have led to significant hardships for Nigerians.

He pointed to the devaluation of the Naira, which has seen the currency drop from 450 Naira per dollar in May 2023 to around 1,600 Naira, causing steep increases in the prices of petroleum products and other imported commodities.

Despite these challenges, the PENGASSAN President lauded recent government initiatives, including an Executive Order signed by President Bola Tinubu, which grants incentives to investments in the oil and gas industry.

He noted that this has already led to significant developments, such as the $550 million Final Investment Decision (FID) announced by NNPC Limited and TotalEnergies for the Ubeta project.

As the summit progresses, he added that PENGASSAN remains focused on ensuring that the outcomes of the discussions will contribute to a sustainable and prosperous future for Nigeria’s oil and gas sector.

The summit is expected to set the tone for policy directions that will shape the future of Nigeria’s energy sector and the nation’s economy at large.