James Hill, CEO and President of MCF Energy
The current geopolitical situation in Europe has highlighted the need to reduce the region’s dependence on Russia for oil and gas. While once there was some debate, it is no longer a question of if – Europe needs to diversify its oil and gas sources, and it’s clear a shift is taking place. The Ukraine-Russia war triggered a global energy crisis and simultaneously enacted as a signal that Europe must begin oil production within its local borders – for several reasons.
The first is that developing local sources of oil and gas is a multi-faceted opportunity that has been untapped in Europe for years, possibly decades. And while in the distant future, the hope is for full electrification of the energy sector, at best, that still remains several decades away. In the meantime, developing local sources of oil and gas is essential to ensure a reliable and sustainable energy supply for the European population. As a side benefit, the development of internal sources has the potential to lead to a 30% reduction in the overall carbon footprint – essential to achieving Europe’s climate goals.
Recently, the EU parliament made a decision to label gas investments as “green.” A significant step toward a sustainable energy future for Europe. This decision is expected to drive more investments into renewable gas sources and accelerate the transition towards a carbon-neutral energy sector. In addition, communities are shifting their stance towards pro-development, which is essential to achieve Europe’s energy security goals.
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Arguably, the most important reason for Europe to further develop its energy resources is independence. Due to heavy reliance on Russia, last year, we saw Europe’s energy system fall by 80%. This dramatically affected households and businesses, industrial processes, and the continent’s power reserves. It has also led to a sharp increase in energy poverty.
To help Europe strengthen its independence, MCF Energy is pursuing large-scale gas exploration in Europe, with a unique approach focused on developing small to mid-sized natural gas fields to help build Europe’s energy resources. The company’s approach is centered around the consolidation of massive, local gas prospects in Europe’s safest jurisdictions, such as Austria and Germany. It has already negotiated two large assets in these countries and is evaluating more.
MCF Energy’s focus on developing local sources of natural gas is essential in reducing Europe’s dependency on Russian gas.
By consolidating massive local gas prospects, the company is creating a sustainable and secure source of natural gas for Europe and its citizens while aligning with the European Union’s plans to become carbon-neutral by 2050.
European energy security is more important than ever, and developing local sources of oil and gas is essential in reducing the region’s dependency on Russia. As Europe shifts towards a carbon-neutral energy sector, the development of local sources of renewable energy, such as natural gas, is expected to play a significant role in ensuring a reliable and sustainable energy supply for Europe’s citizens.
MCF Energy’s unique approach, focused on developing local sources of natural gas and reducing the energy sector’s carbon footprint, is well-positioned to contribute to Europe’s transition towards a sustainable and secure energy supply.
