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Nigeria's Oil, Gas Reserves, PIA Present Canadian Firms Attractive Export Market, Commercial Opportunities, Says Envoy – THISDAY Newspapers

*Puts country’s 2021 trade volume with Nigeria at over $1.2bn
Peter Uzoho
Canadian Trade Commissioner and Second Secretary (Commercial), Office of the Deputy High Commissioner of Canada to Nigeria, Ms. Sonia Hukil yesterday said the Petroleum Industry Act (PIA) and Nigeria’s huge oil and gas reserves present many Canadian companies operating in the country with attractive export market and huge commercial opportunities.

Hukil also stated that Nigeria and Canada had been enjoying cordial bilateral relationship for many years, disclosing that the volume of trade between the two nations for 2021 was over $1.2 billion.

The diplomat made the assertions yesterday in Lagos, in her keynote speech at a hybrid workshop on “Indigenous Oilfield Solution Via Chemistry”, organised by Pacegate Energy & Resources Limited (PEARL) in partnership with CES Energy Solutions, and Adipro.

She said the PIA was a major win for Nigeria, stressing that the Act aimed to reform the nation’s oil and gas sector and create a conducive business environment for investors.

Hukil maintained that Nigeria’s position as the ninth largest global oil and gas reserves and amongst the biggest reserves in Africa, also present important market that holds plenty of commercial opportunities for Canadian firms in both the upstream and downstream subsectors of the African nation’s oil industry.

She noted that the oil and gas sector was instrumental to the Nigeria’s economy, as the sector constituted over 90 per cent of its exports and 80 per cent of government revenue.

“Also last year, a major win, which I would say, is the passage of the Petroleum Industry Act which aims to reform the nation’s oil and gas sector and create a conducive business environment. All these opportunities present a very attractive export market for many Canadian firms.

“Nigeria’s upstream sector contributes significantly to the country’s revenue but also there are commercial opportunities for Canadian companies in both the upstream and downstream sectors and it includes opportunities to provide training, technology and technology equipment and many others”, Hukil stated.

She declared that Nigeria was Canada’s largest trading partner in Africa and the largest investor into the country from Africa.

She added; “Just last year, Nigeria became number one partner for Canada with a trade volume of about $1.2 billion. So it is a very important economic partner for the Government of Canada.”

Referring to the workshop which focused on oil and gas and the partnership between Nigerian and Canadian firms, Hukil said likewise, there was a lot of potential for collaboration between the two countries.
She identified natural resources and the servicing of extractive industries as important part of a symbiotic bilateral partnership between Nigeria and her country.

She further said, “Canada needs Nigerian oil and Nigeria is seeking Canada’s oil and gas technology and equipment. As many of you are all aware, the oil and gas industry is a key economic driver for Canada. Upstream and downstream activities are growing at a rapid pace.

“And globally, Canada is recognised as a leader in the oil and gas production, being the fourth largest producer of crude oil and the fifth largest producer of natural gas.

“Canada is renowned worldwide for its excellence and innovation in the oil and gas space and many countries around the world now have recognised Canada’s leading position in the oil and gas technology, to just enhance oil recovery, processes and oilfield legislation.

“Canadian firms including pipeline operators, upstream exploration and production companies are spread across different countries of the world including in Nigeria.”

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