Mathios at East Med Gas Forum: Governments must prioritise gas & CCS

Mathios at East Med Gas Forum: Governments must prioritise gas & CCS

5.jpg

 

Speaking at (a round table discussion) by the East Mediterranean Gas Forum, Energean CEO Mathios Rigas made the positive case for the investment in the combination of enhanced natural gas flows, dovetailing and integrated carbon capture & storage projects.

 

The global gas market remains tight, and molecular supply remains subject to volatility – just look at the responses to both strikes in Australia and overrun maintenance in Norway. In the Eastern Mediterranean, the short-medium term energy alternatives are all significantly more pollutive than natural gas. Both coal or high sulphur fuel oil have significant carbon cost and create lung damaging air pollution. Gas is and will remain the catalyst for and foundation of a more sustainable energy dynamic.

 

Mathios urged Egypt and other players to continue their policy of investment in exploration and production of domestic gas resource, and to consider how best to incentivise the necessary investment in CCS projects in the region. Energean is a proud participant in the region, and has successfully developed natural gas producing assets in multiple countries, bringing energy security and market competition.  We look forward to continuing our development with the ENI led Orion exploration well offshore Egypt being spudded soon.

 

The next stage is how to replicate our unique engagement with Greek policy makers and regulators to create the first CCS project in SE Europe at Prinos in Greece. With growing conversations about a “green LNG premium” on the positive side and CBAM on the negative, all policy makers and regulators have to consider how to incentivise CCS investment as well as continuing to enhance upstream liquidity.

 

To increase gas supply and decarbonise “will take political will and direction from the executives of the country…. Governments must make this a priority” concluded Mathios.