- Hans Weber
- December 4, 2023
Czech Republic Explores Enhanced Access to Nigeria’s Oil and Gas Resources
The Czech Republic has engaged in discussions with Nigeria to strengthen its access to the oil and gas resources of the West African country. Gabriel Aduda, the permanent secretary of Nigeria’s Ministry of Petroleum Resources, announced this development following a bilateral meeting with Jozef Sileka, the Minister of Trade from the Czech Republic.
The talks between the two countries focused on the Czech Republic’s interest in establishing a government-to-government business agreement with Nigeria to facilitate their access to oil and gas resources through new partnerships and suppliers. Aduda reassured the Czech official of Nigeria’s openness to engagement and suggested that an official request be submitted through the Czech embassy in Nigeria, outlining their specific requirements.
The bilateral meeting took place during the Global Energy Show held in Calgary, Canada, and revolved around discussions on energy safety, affordability, security, and sustainability across the value chain. Aduda expressed Nigeria’s willingness to collaborate, highlighting the significant contributions of Nigerian expatriates already working in the oil and gas industry in the Czech Republic. He also emphasized Nigeria’s interest in capacity enhancement and the adoption of carbon capture and storage technologies.
Addressing the Nigerian business community in Alberta, Canada, Aduda highlighted Nigeria’s attractiveness as an investment destination amid the global shift away from carbon-based fuels. He drew attention to the establishment of the midstream gas infrastructure fund and a dedicated N250 billion intervention fund by the Central Bank of Nigeria (CBN) for gas expansion and domestication initiatives.
In a ministerial panel discussion, Aduda expressed Nigeria’s concerns about the volatility and uncertainty in oil prices due to Russia’s invasion of Ukraine. He stressed the country’s heavy reliance on oil exports for revenue generation, making any sharp decline in prices detrimental to Nigeria’s economy. Aduda underscored 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.
The discussions between the Czech Republic and Nigeria signify an exploration of potential avenues for cooperation and partnerships that could benefit both countries in the oil and gas sector. Further negotiations and official requests will shape the future trajectory of this engagement, as both nations seek to leverage their resources and expertise for mutual advantage.
Article by Prague Forum