Regulatory issues threats to oil investment, others, says PENGASSAN

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has expressed concerns that regulatory uncertainty, overlapping mandates, and lengthy approval processes could deter fresh investments and slow down production growth in Nigeria's oil and gas sector. At the fifth PENGASSAN Energy and Labour Summit 2026 in Abuja, PENGASSAN President Festus Osifo warned of these issues during a summit aimed at strengthening regulatory frameworks for the sector's stability and growth.

Osifo emphasized that the capital-intensive nature of the petroleum industry necessitates regulatory certainty for long-term investments. He criticized recent changes to the regulatory framework, such as the movement of fiscal provisions and the use of executive orders, which have created uncertainty. Osifo urged the government to streamline approval processes and utilize technology to reduce bottlenecks while maintaining safety and environmental standards.

He also demanded stronger protection for workers affected by industry changes and criticized the abuse of expatriate quotas, calling for stricter enforcement to ensure foreign workers only fill genuine skill gaps.