The Russian invasion of Ukraine has roiled the markets and geopolitics of energy, driving oil and gas prices to their highest levels. James Hill immediately felt something needed to be done to ensure that Europe’s energy needs were met. As a long-time expert in European energy, James knew what the country needed to do was focus on diversifying its energy sources and, more so – develop its own resources. As a result, MCF Energy was founded.
James Hill has been working in the energy industry for over 45 years. He has extensive training in both the geological and geophysical aspects of it, particularly in the area of remote sensing. He has led many exploration projects across Europe and North America and holds a Master’s of Science in Geology from California State University and his P.Geo designation. James is also a Chartered Member of the London Geological Society.
We asked James Hill about MCF Energy and his opinions and beliefs about the current energy crisis.
Grit Daily: Can you share your stance on how the war in Ukraine caused a global energy crisis?
James Hill: The economic disruption caused by Russia’s invasion of Ukraine triggered a global energy crisis which has not only accelerated the pace towards an energy transition but has also reshaped the entire European and global landscape – in record time.
Ukraine has long been one of the main transit routes for Russian energy exports to Europe. This conflict has caused disruption to energy supplies, a decrease in output, and a rise in energy prices, causing what many are calling “a global reboot.”
Part of this global reboot includes Europe building its own internal energy infrastructure. We believe this is a requirement needed to safeguard the region and its people from experiencing hardships over the long term.
Grit Daily: Why is it so important to build Europe’s energy resources?
James Hill: Building Europe’s energy resources is important for several reasons.
Firstly, it will help to increase energy security within the region by reducing the continent’s reliance on other countries for energy. Additionally, internal energy production is estimated to decrease energy’s carbon footprint by roughly 30%, which is why the EU recently labeled natural gas as ‘green.’ It’s become recognized as an important transition fuel for the eventual transition to renewable energy.
The development and investment in energy infrastructure will also create jobs and support economic growth.
We’ve seen supply disruptions due to political and economic unrest heavily impact the global economy and marketplace over the last few years. With Europe poised to face a significant energy demand in the coming decades, mitigating challenges caused by external factors in the global marketplace will help to ensure the region can meet these demands.
Grit Daily: Please tell us about MCF Energy.
James Hill: MCF Energy was established in 2022 to strengthen Europe’s energy security through responsible exploration and development of natural gas resources within the region. We are dedicated to driving change and strengthening Europe’s energy security in light of the Russia-Ukraine War.
The company leaders have extensive experience in the European energy sector. Our goal is to create a positive and lasting impact in Europe by developing a cleaner, cheaper, and more secure natural gas industry as a transition to renewable energy sources.
Grit Daily: What’s next for the company?
James Hill: 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.
As a company, we have been working to consolidate massive local gas prospects. To create 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.
Therefore, we are making strides toward increasing our asset base in Germany, with a focus on the Reudnitz project near Berlin. We are currently planning a pilot plant and acquiring 3D seismic data, slated to take place this winter.
Additionally, high-impact exploration drilling is expected to take place in the second half of this year in Germany at an adjacent site. Through safe practices, we have been able to confirm the presence of commercially viable natural gas.
In Austria, MCF Energy is preparing for drilling operations to begin in September 2023 at our Welchau prospect.
We are continuously evaluating projects that align with our mission. We have been actively working toward determining the best possible courses of action to bring natural gas resources to Europe in a quick, safe, and efficient manner.