PENGASSAN condemns govt’s lack of funding for JVs

Kunle Kalejaye 26 November 2015, Sweetcrude, Lagos – The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has condemned Federal Government’s deliberate default in payment of joint venture, JV, cash calls to International Oil Companies, IOCs.
Pengassan_1The National Executive Council of PENGASSAN, in a communiqué at the end of its recent NEC meeting, said this has led to reduction in work programmes by the oil companies, slowed re-investments in the industry and negatively  affected job creation and security.
It, therefore, urged the Federal Government to commence the process of settling cash call arrears owed the IOCs without delay.
The communiqué, signed by PENGASSAN’s President Comrade Francis Olabode Johnson and the General Secretary Comrade Francis Olabode Johnson, also said once work programmes and budgets are approved, government should adhere to them for the duration of the year.
The association demanded that there should be no cuts in the budget during the year when work programmes were already being implemented as it had adverse effect on operations.
In the communiqué, the group urged the executive and legislative arms of government to work together to give priority to the passage of the Petroleum Industry Bill, PIB, given its importance to the nation’s oil and gas industry.
About the Author