A Domestic Oil and Gas Industry – Benefits for Slovakia
The Carpathian basin, extending across Poland, Ukraine, Romania and into north-eastern Slovakia, has been producing oil and gas since the middle of the nineteenth century, making it one of the oldest oil-producing regions in the world.
The Slovak part of the Carpathians has been only very lightly explored, largely due to historical accident. The area potentially offers an excellent opportunity for Slovakia to meet part of its oil and gas needs from domestic sources. A thriving oil and gas exploration and production sector can be expected to bring significant benefits to Slovakia through:
- Increased foreign investment
- Contributions to regional and central budgets
- Support for local skills development and local employment
- Reduced dependence on imported hydrocarbons, thus reducing Slovakia’s exposure to fluctuations in the international oil price
- Improved foreign currency position
Slovakia thus has a strong interest in seeing its domestic hydrocarbon resources evaluated and, if appropriate, developed in a safe and sustainable manner, for the benefit of the local economy.