Czech Republic has held discussions with Nigeria to enhance it’s access to the oil and gas resources of the country.
The Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda, said this in a statement on Monday after a bilateral meeting with Mr Jozef Sileka, Minister of Trade, Czech Republic.
He said the discussions focused on Czech Republic’s interest in establishing a government-to-government business agreement with Nigeria to enhance their access to oil and gas resources through new partnerships and suppliers.
Aduda assured the Czech official of Nigeria’s openness to engagement and recommended submitting an official request through the Czech embassy in Nigeria, outlining their requirements.
He showcased Nigeria’s commitment to exploring collaborative opportunities, promoting sustainability, and safeguarding its energy security.
The bilateral meeting held on the sidelines of the Global Energy Show in Calgary, Canada and discussions centered around energy safety, affordability, security, and sustainability across the value chain.
Aduda expressed Nigeria’s willingness to collaborate, highlighting the increasing number of Nigerian expatriates already contributing to the Oil and Gas Industry in the province.
He emphasised Nigeria’s interest in capacity enhancement and the adoption of carbon capture and storage technologies.
In a meeting with the Nigerian Business Community in Alberta, Canada, Aduda said Nigeria was an attractive investment destination amid the global shift away from carbon-based fuels.
He reassured the community that Nigeria was prepared for investment, citing the recent removal of subsidies in the downstream petroleum sector.
The permanent secretary said the government’s focus on gas as a transitional fuel, presented significant opportunities for businesses in the sector.
Aduda also highlighted the establishment of the Midstream Gas Infrastructure Fund and a N250 billion Central Bank of Nigeria (CBN) Intervention Fund dedicated to gas expansion and domestication initiatives.
At a ministerial panel discussion, Aduda expressed Nigeria’s concerns, regarding the volatility and uncertainty in oil prices as a result of Russian’s invasion of Ukraine.
“Nigeria heavily depends on oil exports for revenue generation, making any sharp decline in prices detrimental to the country’s economy,” he said.
He stressed the importance of ensuring a stable and reliable energy supply to sustain economic growth and meet the energy needs of Nigeria’s rapidly growing population.