PENGASSAN pledges to eradicate the problem of crude oil theft

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to persist in its fight against crude oil theft until it is eradicated.

PENGASSAN President Festus Osifo made this commitment on Wednesday in Abuja at the 2024 PENGASSAN Energy and Labour Summit (PEALS 2024), which focused on themes such as “The Future of Nigeria’s Oil and Gas Industry: Energy Mix, Energy Security, Artificial Intelligence, Divestment, and Crude Oil Theft.”

Osifo emphasized that crude oil theft poses a severe threat to the industry, the economy, and national security. He reaffirmed the association’s dedication to addressing the issue through stronger security measures, technological advances, community involvement, and collaboration with law enforcement.

He also highlighted Nigeria’s critical juncture in the oil and gas sector and stressed the need for the association’s efforts to guide the country towards recovery. The summit aims to develop a policy framework to improve the country’s economic outlook.

Osifo criticized recent government policies, including the devaluation of the Naira, which has led to high fuel and commodity prices, worsening the financial strain on Nigerians. He called on industry stakeholders to seek innovative solutions to mitigate financial losses and ensure fair conditions.

Osifo praised President Bola Tinubu for signing an Executive Order granting investment incentives in the oil and gas sector, which contributed to a recent $550 million investment decision by NNPC Limited and TotalEnergies for the Ubeta project. He also acknowledged NNPC Limited’s efforts in strengthening partnerships and expanding CNG and LPG infrastructure.

The summit, according to Osifo, will work towards creating a sustainable and prosperous energy future for Nigeria.