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Interview square concession , Lech . Modern 3D seismic interpretation , aided by machine learning and AI , has yielded promising prospects , offsetting significant historical gas and oil discoveries . MCF plans a EUR 4.6 million exploration program at Lech East , including well drilling .
The acquisition of Genexco GmbH positions MCF as a future leader in natural gas exploration in Germany , with operatorship of its projects , and an expert in-country team . It has 100-percent ownership of four licenses at German natural gas exploration and development projects , including Reudnitz , as well as a proprietary database for ten additional project areas including geological , seismic and well data .
“ Natural gas ,” James continues , “ has been recognized by the European Union as green and as a transition fuel to a carbon free world . When you consider renewables , it ’ s going to take decades and trillions of euros to make that conversion , and in the meantime , when the wind doesn ’ t blow and the sun doesn ’ t shine , there needs to be a backup resource and natural gas is the ideal option because it ’ s the cleanest burning .
“ The US has indigenous gas so the price of natural gas there is about four or five times less than in Europe . This has a massive impact , not just on residential areas but also industry . There are many German industrial organizations currently considering moving out of the country because of the unstable power regime and the war in Ukraine , resulting in a reluctance to rely on Russian gas again .”
Supporting energy transition
One way in which MCF is exploiting the latest technology to discover reserves for enhanced European energy security is by means of 3D seismic surveying . Seismic surveys result in detailed images of subsurface rock layers and can provide crucial information . This process involves emitting acoustic waves , recording their reflections and measuring their characteristics . Through this technology , oil and gas companies gain valuable insights into potential reserves .
“ We try and engage stakeholders ,” James continues . “ We always talk to local communities , have town hall meetings , and speak to people about what we ’ re doing and answer their questions . The best way to alleviate people ’ s concerns is by giving them answers . We also sample the water around our drill sites to demonstrate that the water quality hasn ’ t been negatively impacted by our operations . We want to show people that we are good neighbors and want to contribute positively to their communities for a long time .
“ Europe has been drunk on Russian gas for decades , and there are so many opportunities to exploit resources within the countries ’ own borders to create a more stable supply . As such , we ’ re going to continue exploration in Germany , by utilizing single drill sites to explore multiple areas through directional drilling . As we grow and develop the business and its cashflow , we ’ ll be able to exploit increasingly greater opportunities .
“ We ’ re also pragmatic . Developing the infrastructure to support the transition to renewables is going to take decades . To support people ’ s daily lives and keep industry turning during the transition , ten percent of natural gas goes towards generating petrochemicals . We ’ re supportive of the energy transition and want to be a part of it ,” James concludes . “ The answer to Europe ’ s energy security is right beneath the surface . Through responsible exploration and development of natural gas resources within the European regions , we are working to develop a cleaner , cheaper , and more secure natural gas industry as a transition to renewable energy sources .” ■
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