Regulatory issues threats to oil investment, others, says PENGASSAN

PENGASSAN, the Petroleum and Natural Gas Senior Staff Association of Nigeria, has warned that regulatory uncertainty and overlapping mandates in the country's oil and gas industry could deter fresh investment and slow production growth. The association's president, Festus Osifo, raised these concerns at the fifth PENGASSAN Energy and Labour Summit 2026 in Abuja, where various stakeholders discussed ways to strengthen stability and attract investment into the sector.

Osifo emphasized the importance of regulatory certainty for investors, noting that the capital-intensive nature of the petroleum industry makes it crucial for investors to make long-term commitments. He also highlighted the need for streamlined approval processes, technology deployment to reduce bottlenecks, and stronger protection for workers affected by acquisitions, divestments, and restructuring.

Brief written by urgent.news from Punch's own syndicated text. Machine-written — may contain errors; check the original before relying on it.