Oil workers, stakeholders unite to end crude oil theft, commend Tinubu on executive order

AKOR SYLVESTER, Abuja

 

Oil workers under the umbrella of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday reiterated their commitment to collaborate with stakeholders in oil and gas industry to fight and end crude oil theft in order to boost economic development in the country.

 

President of PENGASSAN, Festus Osifo who spoke at the Opening Ceremony of the 3rd Edition of the PENGASSAN energy and Labour Summit (PEALS) in Abuja, said the scourge of crude oil theft poses a significant threat to the industry, economy, and national integrity.

 

He said the association has mounted the rostrum over time, both on the streets and in the boardroom, to champion the cause, adding that it will not relent until victory is certain.

 

Osifo stated that the association was steadfast in the resolve to continuously partner with other stakeholders in the industry to combat the menace through enhanced security measures, technological innovations, community engagement, and collaboration with law enforcement agencies.

 

He charged the relevant stakeholders and captain of industries at the event to come out with workable solutions that would end the monster, while urging government to put the nation on the right track in terms of economic development.

 

“As we gather here, let us not lose sight of the broader state of our nation. Nigeria stands at crossroads, and our actions and decisions here in the next few days will provide a framework for a policy trust for government towards shaping the economic outlook of our country. It is incumbent upon us to drive positive change, foster economic growth, and ensure our people’s prosperity.

 

“Recent policy directions by the government has placed untold hardship on Nigerians. Chief among them is the flotation cum devaluation of the Naira, which saw our currency slide from 450 Naira officially in May 2023 to the current exchange rate of about 1600 Naira. This is the reason why the landing price of PMS today is over 1,000 Naira (reintroduction of subsidy), the reason why AGO is selling for over 1,300 Naira, and the reason why all Imported commodities are over the roof today.

 

“The overarching Impact of this on Nigerians can only be imagined rather than experienced.

 

“Part of the decisions of floatation has totally benefited the oil and gas companies in Nigeria. This has necessitated call for a salary benchmark for oil and gas workers, alignment of trade of the oil and gas commodity Angola, where legislation pegs work pays then the legal tender equivaler Instrument mactised in Mars and at the possibilities of safeguarding the interests of workers amidst currency fluctuations.

 

“The floating of the Naira in the official market has exacerbated the challenges faced by our members. We must explore innovative solutions to forestall financial losses to workers and prevent undue gains to companies, ensuring a fair and equitable environment for all. PENGASSAN will do all it can to push for this just and equitable distribution across its branches”, he said.

 

The PENGASSAN president used the occasion to appreciate president Bola Tinubu for the recently signed executive order that grants incentives to investments in the oil and gas industry.

 

According to him, the decision has translated to the recent $550million FID (Final Investment Decision) announced by NNPC Limited and Total Energies on Ubeta project.

 

He also recognized the efforts of NNPC Limited Management in furthering partnership initiatives in the upstream and downstream sector of the Industry, noting that the recent MOU signed by NNPC Limited with Total Energies and separately with Shell were indications of fostering good relationships with critical partners.

 

Osifo said “The expansion of CNG and LPG infrastructures by NNPC Limited across the nook and crannies of the country is a right step in the right direction and this must be encouraged and deepened.

 

“As we delve into these critical discussions, I would like to acknowledge the importance of collective efforts and the invaluable contributions of everyone present. Our summit serves as a platform for dialogue, collaboration, and action, and I am confident that together, we can forge a path toward a brighter and more sustainable energy future for our industry and our nation”.

 

Earlier, in her address,  the Minister of State for Labour and Employment, Nkeiruka Onyejeocha said the event provided the needed platform for the invited professionals, policy makers and Stakeholders in the Petroleum Sector to deliberate on the present and future of the nation’s Oil and Gas Industry focusing on Energy Mix, Security, Divestment and the menace of Crude oil theft as captured by the theme of the year’s Summit with a view to providing access to cheaper energy which has become essential to the functioning of modern economies today and also suggesting ways and means to curb the nefarious activities of oil thieves amongst others.

 

She said the nation rich endowment of Petroleum Resources has long been the lifeblood of the national economy but however expressed worry that Nigeria stand at the crossroads in dire need of its bye products such as premium motor spirit (PMS) popularly called petrol and other associated challenges

 

According to the Minister, “we have to come together to chart a new course if our country must overcome these challenges by identifying the nexus between national security and availability of natural resources for energy consumption for our people”.

 

She charged the association to use the Summit as a platform to exchange ideas, share knowledge, and forge partnerships that will accelerate all-round development of the Energy Sector.

 

“We must seize the opportunity to deliberate and proffer innovative strategies, especially the application of Artificial intelligence (AI) for our Oil Industry in line with global best practices for generations to come, and more importantly, how to harness the opportunities that abound in the nation’s hydrocarbon future for indigenous Oil Companies in view of the recent policy changes and numerous upstream divestments by some International Oil Companies (IOCs) in this country”, she noted.

 

The three-day summit will be rounded up with an award and gala night where the association shall unveil the PENGASSAN Foundation, which will serve as a Corporate Social Responsibility vehicle for the Association.

 

For a better society

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