The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called for the effective implementation of ongoing oil and gas reforms to attract sustainable and bankable investments into Nigeria’s petroleum industry.

The association made the call in a communiqué jointly signed by its president, Festus Osifo, and general secretary, Jerry Amah, at the conclusion of its fifth Energy and Labour Summit held in Abuja.

The theme of the summit, which took place from August 19 to August 21, was “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry.”

PENGASSAN acknowledged that Nigeria had introduced significant reforms in the sector, particularly through the Petroleum Industry Act (PIA) 2021, but stressed the need to translate the reforms into predictable and investment-friendly outcomes.

The association noted that investors committing long-term capital to the oil and gas industry required regulatory certainty, transparency, durability and consistent application of government policies.

According to PENGASSAN, the existence of laws and regulations alone was insufficient to attract the huge capital required for oil and gas development without predictable and transparent implementation.

It therefore called for greater stability in the fiscal and regulatory environment, urging the government to minimise abrupt policy changes and strengthen consultations with operators, investors, workers and other industry stakeholders.

The association also advocated smarter regulation and digitalisation, as well as improved coordination among government institutions, to eliminate overlapping mandates, repetitive approvals and conflicting directives that increase operational costs.

PENGASSAN stressed that Nigeria was competing globally for limited investment capital, adding that the country’s abundant hydrocarbon resources could not attract sufficient investments without competitive fiscal terms, improved security and efficient project execution.

It urged the government and regulators to consolidate recent reforms and incentives that had encouraged renewed investments and Final Investment Decisions, while ensuring that Nigeria remained competitive in the global oil and gas market.

On the gas sector, PENGASSAN observed that Nigeria’s more than 215 trillion cubic feet of proven gas reserves remained largely underutilised despite their potential to support electricity generation, manufacturing, transportation and broader industrial development.

The association called for integrated gas development covering supply, processing, pipelines, and storage infrastructure, supported by sustainable pricing mechanisms and bankable offtake arrangements.

It further advocated sustained policies to promote domestic refining, petrochemicals and gas processing, stressing that greater value retention within Nigeria would create employment, conserve foreign exchange and accelerate industrialisation.

On workers’ welfare, PENGASSAN demanded stronger protection of jobs, accrued benefits, pensions and collective bargaining agreements during restructuring exercises and asset transfers within the industry.

The association also insisted that occupational health and safety must remain non-negotiable, warning that increased production should never be achieved at the expense of the lives and wellbeing of Nigerian workers.

PENGASSAN emphasised that the next phase of the reform process should focus on execution, with measurable targets, clearly defined institutional responsibilities and transparent monitoring mechanisms to ensure that policies translated into projects, increased production, employment opportunities and national prosperity.

The association called for stronger collaboration among government, regulators, operators, investors, organised labour and host communities to protect critical infrastructure, reduce crude oil theft and vandalism, and promote sustainable growth and development of Nigeria’s oil and gas industry.

(NAN)