July 27, 2021

NEWS AGENCY OF NIGERIA

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PENGASSAN seeks investor-friendly PIB

PENGASSAN seeks investor-friendly PIB

PENGASSAN has urged the National Assembly to pass a balanced and investor-friendly Petroleum Industry Bill (PIB).

By Edith Ike-Eboh

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the National Assembly to pass a balanced and investor-friendly Petroleum Industry Bill (PIB).

The National President, PENGASSAN, Festus Osifo, disclosed this at the PENGASSAN Total Exploration and Production Nigeria sixth Triennial Branch Delegates Conference in Abuja.

“What we are advocating is that as long as government wants to make more money, it should also consider the sector’s investors to ensure a balanced system.

“This is important in order not to make investors run to other countries that have crude oil. So, it must be a balanced bill that will encourage investors to stay.

“We have about 37 billion barrels of crude oil reserves now, if we have investors that put their money into it, they will continuously develop these reserves and our national production will increase,” Osifo said.

He explained that if investors were disincentivised, they would go to neighbouring countries to explore and produce crude oil.

“That is why we want a balanced bill. Again, we want investors to make money so that at the end of the day, our members will be better off because their welfare is paramount,” he added.

The past Branch Chairman, Total E&P Nigeria PENGASSAN, Mr Victor Ibeawuchi, called for collaboration and team work in the oil and gas sector.

“The industry needs more collaboration for all to progress and that includes deeper union/management engagement and cooperation,” Ibeawuchi said.

The News Agency of Nigeria (NAN) reports that new executive members were elected at the two-day conference, with Charles Daramola emerging as the new branch Chairman; Edidiong Edidiong-Umoh, Vice Chairman; Joseph Onuorah, Secretary; and David Anaba, Public Relations Officer.

Others include Wilson Opuwariboko, Financial Secretary; Cletus Udoh, Assistant Secretary; Enoch Ebere, Branch Auditor; and Abubakar Ibrahim, Treasurer, among others. (NAN)

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