PENGASSAN faults Executive Order on Oil & Gas Industry, says it will discourage investors, and create job losses.

By Afolabi Oyekunle.

Petroleum and Gas Senior Staff Association of Nigeria, PENGASSAN, has faulted the Executive Order by President Bola Tinubu on the oil and gas sectors describing it as an abuse on the Petroleum Industry Act (PIA) governing the 0il and Gas Industry.

At a press conference in Lagos on the Executive Order, PENGASSAN President, Festus Osifo said an Executive Order cannot surpesede the law of the land, and cannot override statutory provisions or invalidate existing laws enacted by the National Assembly.

PENGASSAN President Festus Osifo addressing newsmen.

He said while the President has the Constitutional rights to issue Executive Order, the Association is of the opinion that this time, he is been misled

Acting General Secretary Jerry Amah, Comrade Osifo, and Lagos Chapter Chairman of PENGASSAN at the Press conference

On the implications of the Executive Order, the PENGASSAN President said it has many implications as International investors will no longer trust any law in the industry as it could be changed anytime, and this will discourage investors in the industry.

He therefore advised the President to have a rethink on the matter.

He said if the Executive Order sails through the International investors will loose hope in the industry. Comrade Osifo said it took 10years before the law, the Petroleum Industry Act (PIA) could be passed and it could not be set aside by Executive Order.

Comrade Osifo said some provisions in the Executive Order do no reflect the full facts, disputing the 30percent from production sharing that is said to be going to NNPC, which he said is not correct

He said the actual percentage that goes to NNPC is below 2percent, while the claim that 30 percentage of the Frontier Exploration Fund goes to NNPC is

inaccurate as the funds go into designated accounts.

Conrade Osifo said all these misinformation could have impact on NNPC which may affect its smooth running jeopardizing about 4,000 Nigerians workers.

According to him, the petroleum industry is the live wire of the economy and should not be toy with.

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