Domestic oil and gas production in Europe should be considered as one of the elements of a balanced energy policy, especially where it can be implemented on a competitive basis.
Kenneth Medlock, Senior Director of the Center for Energy Research, said this in an interview with GuildHall.
According to him, the key criterion is the competitiveness of projects. “If domestic oil and gas production can be carried out on a cost-competitive basis at relatively low social and environmental costs, it should be part of the energy portfolio,” he said.
At the same time, the expert stressed that this approach is not universal for all EU countries. “Not every country has this opportunity,” Medlock said, pointing to differences in the resource base and economic conditions within Europe.
In this regard, he noted the importance of developing pan-European infrastructure. According to him, “the development of deeper infrastructure connectivity across Europe” can ensure “greater scale and greater diversification” in the EU energy space.
Thus, according to the expert, combining the development of production in countries with appropriate potential and the strengthening of energy ties between states is considered as a way to increase the stability and flexibility of the European energy system.
Earlier, the Irish MEP said that despite the increase in the share of low-carbon energy, Europe still needs fossil fuels to ensure the stability and security of energy supply.
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