Regulatory Stability Needed To Sustain Oil, Gas Investments—PENGASSAN

The branch chairman of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Abiodun Ikumobaso, has called on regulatory authorities in Nigeria’s oil and gas industry to prioritise policy consistency, stability and predictability to sustain investment and drive long-term growth in the sector.

Ikumobasin, who chairs the PENGASSAN Shell branch comprising the Shell Nigeria Exploration and Production Company (SNEPCO) and Shell Nigeria Gas (SNG), made the call on the sidelines of the fifth edition of the PENGASSAN Energy and Labour Summit in Abuja.

The summit, which focused on regulatory frameworks for stability and growth in Nigeria’s oil and gas industry, brought together key stakeholders to examine challenges affecting investment, production and the sustainability of the sector.

Ikumobasin, described the theme as timely, noting that Nigeria possesses abundant natural resources, a skilled workforce and the institutional capacity needed to attract significant investment into the oil and gas industry.

He, however, stressed that attracting and retaining long-term capital would depend largely on the stability and predictability of the country’s regulatory environment.

“Beyond the PIA, all the regulators in the industry need to ensure that they are firm, stable and consistent with their policies and actions. This will create the stability that will ensure investments continue to come into the industry,” he said.

According to him, although Nigeria has recorded renewed interest and increased investment in the oil and gas sector, sustaining the momentum requires regulators to provide clear, predictable and consistently implemented policies.

He noted that investors need confidence that regulatory policies would remain stable throughout the lifespan of their investments, particularly because oil and gas projects require substantial capital and long-term planning.

The PENGASSAN chairman also commended the organisers of the summit, describing the fifth edition as the best so far. He noted that the annual event had continued to improve in scope, quality and relevance, providing an important platform for dialogue among labour, government and industry stakeholders.

Ikumobasin also expressed appreciation for the recognition bestowed on him as an outstanding member and performing branch chairman of PENGASSAN.

He attributed the award to the collective efforts of members of his branch and the support provided by the national leadership of the association, particularly the National President, Comrade Festus Osifo.

He credited Osifo with providing strong leadership and strengthening PENGASSAN’s role as a major stakeholder in Nigeria’s oil and gas industry.

According to him, the award demonstrates that the commitment and contributions of branch leaders and members are being recognised within the union.

He expressed gratitude to God, the branch congress and the national leadership of PENGASSAN for the honour, stressing that the recognition would further motivate him to contribute to the growth and development of the association.

Ikumobaso further commended Osifo’s leadership style, particularly his ability to communicate the union’s vision and values across its various structures.

He said the experience had reinforced the importance of collective leadership, effective representation and continuous engagement in advancing workers’ interests while contributing to stability and sustainable development in the wider oil and gas industry.

He reaffirmed his commitment to supporting initiatives aimed at promoting industrial harmony, attracting investment, strengthening sustainable development and ensuring greater stability in Nigeria’s oil and gas sector.