In this article is about Pengassan on How To Tackle Challenges in Oil and Gas Sector and the call for the deepening of private sector participation to address them.
Workers in the oil and gas sector have called for a comprehensive approach that includes improving environmental depredations, investing in social infrastructure and strengthening security measures to address the challenges. With the rising challenges in oil and gas, workers in the sector have called for the deepening of private sector participation to address them. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) identified the promotion of local content development as well as increasing investments in the sector as part of initiatives that can return Nigeria to prosperity.
Read: Oil And Gas Vendor Registration Requirements
Expressing the concerns at the union’s National Executive Council (NEC) in Abuja, the President of PENGASSAN, Comrade Festus Osifo, lamented the challenges that are hindering the growth and development of the industry. Osifo noted that the sector suffers from a lack of adequate infrastructure, including refineries, pipelines, storage facilities, and transport networks. He continued: “These acts of sabotage disrupt production and result in revenue losses for the government and oil companies. Emphasising the need for more proactive measures to combat the challenges, Osifo said the presence of armed groups, insurgent activities and organised high-power stealing further exacerbates the security challenges.’’
Read: NNPCL On Track to Expand Gas Infrastructure, Bridge Energy Access Gap
While he praised the passage of the Nigeria Oil and Gas Industry Act (NOGIC) in 2010, saying it has promoted local content participation in the industry, he, however, expressed dismay that the country was still far from implementing the law to the letter. According to him, “To promote sustainable growth, it is crucial to increase local content development and provide training and capacity-building opportunities for Nigerian professionals and entrepreneurs in the industry.” But, he commended the recent presidential order that incentivises investments in oil and gas, noting that it “is a welcome development”.