the Petroleum and Natural Gas Senior Association of Nigeria (PENGASSAN), says it will not relent, until victory is achieved in the fight against crude oil theft.
The President of the association, Festus Osifo, stated this, yesterday, in Abuja at the 2024 PENGASSAN Energy and Labour Summit (PEALS 2024).
The News Agency of Nigeria (NAN) reports the summit themed: “The Future of Nigeria’s Oil and Gas Industry: Energy Mix, Energy Security, Artificial Intelligence, Divestment, and Crude Oil Theft”.
“The scourge of crude oil theft poses a significant threat to our industry, economy, and national integrity.
“As an Association, we have mounted the rostrum over time, both on the streets and in the boardroom, to champion this cause, and we will not relent until victory is certain.
“We are steadfast in our resolve to continuously partner with other stakeholders in the industry to combat this menace through enhanced security measures, technological innovations, community engagement, and collaboration with law enforcement agencies,’’ he said.
Osifo said Nigeria stood at crossroads, especially in the oil and gas sector, and the actions and decisions of the association must gear toward rescuing the country.
He said the summit would design framework for a policy trust for government towards shaping the economic outlook of the country.
“Chief among them is the flotation cum devaluation of the Naira, which saw our currency slide from N450 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 N1,000 (reintroduction of subsidy), the reason why AGO is selling for over N1,300 and the reason why all Imported commodities are over the roof today. (NAN)
