Nigeria’s 37 billion barrels of crude reserves risk remaining underutilised if production continues to hover around two million barrels per day, the Petroleum and Natural Gas Senior Staff Association of Nigeria ,PENGASSAN, has warned.
Its President, Comrade Festus Osifo,said this in Abuja at 4th PENGASSAN and Labour Summit 2025, where he also urged authorities to increase drilling and exploration in Nigeria.
Oil revenues, he said, should be reinvested in infrastructure, education, and healthcare to promote diversification in the country.
He maintained that Nigeria’s refineries should operate under a model similar to the Nigeria Liquefied Natural Gas, where the government holds minority stakes while competent private operators take majority control for efficiency.
While Nigeria’s workforce possesses the expertise to manage refineries, he said absence of efficient tools and the persistence of political interference have led to inefficiency, waste, and recurring breakdowns.
He added:“Government must divest majority control of the refineries, just as in the NLNG model, where private partners hold 51% while the government retains 49%.”
He described the recent marginal field bid round as the most transparent in Nigeria’s history, away from the previous politically influenced allocations that, he said, hindered development due to incompetence.
He also faulted 11PLC for allegedly forcing workers to sign agreements barring union membership, stressing that PENGASSAN would resist any attempt to suppress workers’ rights.
The Executive Secretary of the Nigerian Content Development and Monitoring Board ,NCDMB, Mr Felix Ogbe, emphasized the need for human capacity development as the bedrock of Nigeria’s oil and gas growth.
In his remarks, he said the sector’s sustainability depends not only on reserves and infrastructure but also on equipping Nigerians with critical skills in engineering, safety, automation, and digital technologies.
