Petroleum Industry Bill (PIB)

Kenny Folarin, Abuja

The National President, Petroleum and Natural Gas Senior Association of Nigeria (PENGASSAN), Comrade Festus Osifo has charged the federal government to ensure an investor oriented and balanced Petroleum Industry Bill (PIB) when passed into law.

Osifo while speaking in Abuja on Friday at the 6th Triennal Branch Delegates Conference noted that government should include the investors’ interest in the bill which will not just make the bill balanced but will ensure reserve development and national production increase.

“What we are advocating is that as long as government want to make more money, government at the end of the day should also look at the investors so that it will be balanced, so that this investors will not run away to other countries that have crude oil, so it must be a balanced bill that was our advocacy which will encourage them to stay”.

“We have about 37 billion barrel reserve of crude oil, now if we have investors that put in money into it, they will continuously develop this reserves and our national production will increase.

Osifo explained that if investors are disincentivised, there will be low patronage and they will go to neighboring countries where crude oil is available

“If you disincentives investors, they will run to neighboring countries that is why we want a balanced bill and again we want the investors to also make money so that at the end of the day, our members will be better of for it, the welfare of our members is paramount”.

Speaking on the theme: Energy Transition and implication on PENGASSAN, Osifo stated that the world largely depends on fossil fuel which depict a gradual transmission to fossil fuel and as such, PENGASSAN must be prepared and begin to explore other energy dependable areas in order to maintain relevance in the oil and gas industry.

“We must be prepared as PENGASSAN and as an association to be ready so that when that time comes we will not be taken unaware, so what that means is that PENGASSAN as an institution should begin to look at how do we expand our tentacles to solar energy, the electricity industry and others, those are what we should be discussing today, so that in years to come, PENGASSAN will still be relevant in the scheme of things in the industry”.

Branch Chairman, Total E&P Nigeria PENGASSAN, Victor Ibeawuchi encouraged the management team of TOTAL E&P Nigeria to continue to foster the spirit of mutual respect, co-operation and collaboration with the Association as collaboration is legendary in the industry and has become a standard to be met by their peers.

“The industry needs more collaboration for all to progress and that include deeper Union Management engagement and co-operation”.

Ibeawuchi added that the industry is turning a corner to new grounds and changes surely are expected within the entire industry, both locally and globally and as such, it is imperative for the Association to steer itself from business-as-usual, re-create and re-invent its methodologies and action-templates towards maintaining its relevance and positivity to ensure that it continues to add value and contribute to the sustainability of our farmland in the best interest of members, families, the association and the industry.

“All eyes are set on the impact of the much-awaited Petroleum Industry Bill and therefore uncertainties abound, nevertheless, we can always achieve our objective through teamwork”.

“This speech is a direct appeal that both Management and the Unions must continue to collaborate to ensure the continuity of improved welfare for the staff and the sustainability of the Company”. He added.