Balancing Energy Security & the Energy Transition

Balancing Energy Security & the Energy Transition

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At a strategic panel considering “Energy Pragmatism” at The Egypt Energy Show, CEO Mathios Rigas considered how energy security and the transition can to be balanced – that the equation has definitely changed since Energean’s first EGYPES 5 years ago.

 

Mathios was asked to consider whether there is a tension between energy security and energy transition;

 

“There has been a reality check, driven by 2 major factors:

  • US politics  – “drill baby drill”
  • Geopolitical challenges – multiple conflicts that have had significant effects on the energy value chain.”

If you add the delay to the forecast “gas glut”, the fundamentally intermittent nature of renewable energy, and the negative effects of deindustrialisation, there is now a fully renewed focus on energy security as a major policy challenge and objective across the world.  

Energy security is vital. Without a secure, reliable and affordable flow of energy, there are major political and socioeconomic challenges. Energy poverty is a terrible thing to witness.  

Mathios made a particular focus on the dynamic in Europe. “We have to be objective. We have to recognise the scale of the challenge. We used to rely on Russia. Now we rely on others – the situation hasn’t really changed”.

Mathios was asked “Can we transition and be secure?”. His answer was simple:

“Yes, if you are responsible – we have continually reduced our carbon intensity, because we are a responsible operator. But frankly, energy security is vital. We see this more and more in every country we operate.”

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As the panel moved, on Mathios was asked whether there is a future for investment in oil and gas. Mathios’ answer as effusive:

 

“Of course there is a future for investment in oil and gas. You can create amazing returns. You can have a lot of fun.  For those of us that stayed true to pragmatism, and for those that have made the choice to return to oil and gas there is a clear and significant return on investment. We can create significant value for sovereign states. We explore, develop and produce energy, which then creates energy security and socioeconomic benefit. We also create huge value for investors. Energean started as a $1m company with a single Greek asset. We are now a 150kboepd international gas focused E&P”

 

Finally,  a double call to action, Mathios gave some straightforward advice to governments and oil & gas operators:

 

“Remove the obstacles. Make your countries more attractive to investors”

 

“ Move faster – don’t just sit on reserves. Drill, develop, produce”