The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has expressed concern that the divestment of oil assets by International Oil Companies (IOCs) operating in Nigeria may lead to job losses.
“We will not fold our arms and allow mediocre to take hold of our national assets and ruin the fortunes of future generations for immediate gains,” PENGASSAN said in a statement on Wednesday.
It said since IOCs began divestment in 2012, it had been established that the majority of companies that purchased such assets “do not have and cannot attract the necessary funds for capital expenditures in such fields.”
The union said it would not cooperate with “any company whether indigenous or foreign that does not have the capacity to develop the oil and gas fields or has a track record of subjecting employees to modern-day slavery.”
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It said concerted efforts should be made to persuade and further incentivise the IOCs to remain in the country in order to benefit from the Petroleum Industry Act.
It said, “But, should they decide to exit after all efforts fail, a good investor that has relevant technical experience, good financial standing, and reputation for managing employees must be sort after.
“In such divestments, the jobs of Nigerians working in such locations, their exit/welfare package, and the ability of the investors to continuously develop such field which will, in turn, provide jobs for Nigerians working in the Oil and Gas service sector will be of utmost priority.”
