The Federal Government of Nigeria has called on the Turkish Government to take advantage of the planned exit by some International Oil Companies (IOCs) from the Nigerian offshore and natural gas environment.
This call was made on Wednesday by Timipre Sylva, the Minister of State for Petroleum Resources, during the ongoing 2022 CERAWeek ( Cambridge Energy Research Associates Week) in Houston, Texas.
The Minister had a special meeting with Alpersen Bayraktar, the Turkish Deputy Minister of Energy and Natural Resources, to consolidate bilateral relations between the two countries, during which he stated that the country is open to more Turkish investments in its upstream oil sector, given the plans by some IOCs (International Oil Companies) to divest from the sector.
In a statement by Horatius Egua, Senior Adviser (Media & Communications) to Sylva, the Minister told Bayraktar that there are opportunities for the Turkish Government to increase its investments in Nigeria’s hydrocarbon sector as Shell, Exxon Mobil and some other IOCs are already making moves to exit the sector.
“We are looking at the possibilities of Turkey taking interest in more investments in Nigeria. Now that IOC’s such as Shell, Exxon Mobil and others are planning to divest some of their assets, replacement investments in that sector would be a great opportunity for Turkey to expand its economic interests in Nigeria.
“Cooperation between Nigeria and Turkey is very significant and we can extend our relationship in energy and other areas of trade.”
Sylva further explained that the country’s new Petroleum Industry Act (PIA) contains the right policy framework to help create an enabling environment for those who want to invest in Nigeria’s oil and gas sector.
He assured Bayraktar of favourable returns on investment (ROIs) for interested Turkish investors, stating that Nigeria “is still the desired investment destination in Africa”.
EnergyDay, in its background can confirm that Nigeria’s balance of trade with Turkey , according to data obtained from a United Nations agency , showed that Nigeria exported Usd1.14bn worth of goods and services in exchange for Usd728.53 from Turkey.
Crude oil exports to Turkey is significant while Nigeria imports refined petroleum products with balance of trade tilting in favour of Nigeria.