The Petroleum and Natural Gas Senior Association of Nigeria, PENGASSAN, has reiterated its commitment fighting crude oil theft, saying it would not rest until victory is achieved.
The President of the association, Festus Osifo, made this vow on Wednesday in Abuja at the 2024 PENGASSAN Energy and Labour Summit (PEALS 2024).
The summit is themed, ‘The Future of Nigeria’s Oil and Gas Industry: Energy Mix, Energy Security, Artificial Intelligence, Divestment, and Crude Oil Theft’.
Osifo said, “The scourge of crude oil theft poses a significant threat to our industry, economy, and national integrity.
“As an Association, we have mounted the rostrum over time, both on the streets and in the boardroom, to champion this cause, and we will not relent until victory is certain.
“We are steadfast in our resolve to continuously partner with other stakeholders in the industry to combat this menace through enhanced security measures, technological innovations, community engagement, and collaboration with law enforcement agencies.”
According to him, Nigeria stood at a crossroads, particularly in the oil and gas sector, and the actions and decisions of the association must be geared toward rescuing the country.
He said the summit would design the framework for a policy thrust for government towards shaping the economic outlook of the country.
Osifo said the floating of the Naira in the official market had exacerbated the challenges faced by their members.
He, therefore, called on industry players to explore innovative solutions to forestall financial losses to workers and prevent undue gains to companies, and ensure a fair and equitable environment for all.
Osifo said PENGASSAN would do all it could to push for a just and equitable distribution across its branches.
The labour leader appreciated President Bola Tinubu for the recent signing of an Executive Order that granted incentives to investments in the oil and gas industry.
He said the move translated to the recent $550 million Final Investment Decision announced by NNPC Limited and TotalEnergies on the Ubeta project.
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