Nigeria's oil reserves no longer enough to attract investors, PENGASSAN warns
The Petroleum and Natural Gas Senior Staff Association of Nigeria PENGASSAN has cautioned that Nigeria can no longer rely solely on its substantial oil and gas reserves to secure global investment. Despite possessing approximately 37.01 billion barrels of proven oil and condensate reserves and 215.19 trillion cubic feet of natural gas reserves, the union emphasized that Nigeria must offer competitive fiscal and commercial terms, improved security, predictable regulations, and efficient project execution to attract capital. This warning came from a communiqu茅 issued on Friday, August 21, 2026, following the 5th PENGASSAN Energy and Labour Summit in Abuja. The summit, themed "Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria鈥檚 Oil and Gas Industry," highlighted the need for regulatory certainty and urged the Federal Government to consolidate recent reforms. PENGASSAN also called for greater stability in the fiscal and regulatory environment, advocating for the transmission of President Bola Tinubu's executive orders to the National Assembly as an executive bill to amend the Petroleum Industry Act PIA. The union stressed the importance of rehabilitating critical energy infrastructure, addressing insecurity, and promoting smarter, outcome-driven regulation. Furthermore, PENGASSAN urged the conversion of vast gas reserves into industrial and economic value and sustained policies to expand domestic refining capacity. The union concluded that Nige
