Fintech PR
Forgotten Gas Reserves Could Be A Gamechanger For European Energy
FN Media Group Presents Oilprice.com Market Commentary
LONDON, March 13, 2024 /PRNewswire/ — The California geologist who helped develop one of Europe’s biggest heavy oilfields over two decades ago is back, and this time, he has two things in mind: European energy security and natural gas, the only viable “bridge” fuel for an energy transition. Companies mentioned in this release include: TotalEnergies (NYSE: TTE), Eni (NYSE: E), Equinor (NYSE: EQNR), BP plc (NYSE: BP), Shell plc (NYSE: SHEL).
“Not only has Europe been dependent on Russian gas for decades, but that dependence has essentially plundered the continent’s ability to produce domestically, onshore,” California geologist James Hill, who is now the CEO of MCF Energy (MCF.V; MCFNF.QX), says.
“What that means is that Europe now has to import high-priced LNG from the U.S., Russia, Qatar and Australia to make up for the shortfall,” he adds, “when previous discoveries are just waiting to be reopened in places like Germany and Austria.”
Previous Discoveries, Reading and Waiting
With large-scale exploration projects in Germany and Austria and a recent 100% acquisition of Genexco GmbH Germany, MCF Energy just started drilling last month in Austria and will then be moving the rig straight to Germany in April.
In Austria, MCF recently moved the rig on location began drilling the Welchau prospect and in their latest press release (11 March 2024) announced an active petroleum system was discovered and that total depth will be reached before the end of the month. Welchau prospect is analogous to large anticline structures discovered in the Kurdistan Region of Iraq and the Italian Apennines, and it’s also adjacent to an up-dip from a discovery that intersected at a gas column of at least 400 meters, testing condensate rich pipeline quality gas.
All elements are in place for a significant discovery, with a best-estimate technical prospective resource of 584 billion cubic feet of gas with 10.1 MBO, proximity to the national gas pipeline system (~18km), and a nearby historic gas discovery. Welchau is targeting the same reservoirs as the nearby Molln-1 well, which tested gas in 1989.
Next up is drilling in Germany’s Lech prospects in April, which MCF considers its highest-impact asset.
Lech (10 square kilometers) and East Lech (100 square kilometers) concessions hold natural resources riches that have already seen two discoveries and three previous wells drilled.
In April, MCF will re-enter Mobil’s former Kinsau #1 well at Lech, adapting new drilling technology and eventually horizontal wells to stimulate the hydrocarbons that are already known to exist. Mobil established production rates of over 24 MMCF per day of natural gas with associated condensate from the Kinsau #1 in the ’80s. Mobil was exploring for oil so never developed the gas discovery.
This well, being a re-entry of a proven, previously drilled hole could translate into quick cash flow for MCF Energy (MCF.V; MCFNF.QX), and one hit could flare out into multiple development zones for each well.
“From a risk perspective this is as low a risk as you can get,” Hill said, “you’re not going to miss this one because we are re-entering a well drilled in the ’80s which produced gas and condensate at currently very economic rates. Plus we’ve got a second well with an oil zone that, back in ’83, produced almost 200 barrels a day from a vertical well. What happens if we put a horizontal well into that thing? Today technology has improved drastically in the last 40 years, we hope to do much better than what Mobil did in stimulating the production from these wells. We know where the hydrocarbons are and AI and machine learning has confirmed it giving us a template for many more future wells at Lech East.”
According to Hill, within the first fault block at Lech, from the huge flow rates of these wells, there is likely to be significant gas reserves with associated condensate. Moreover, infrastructure is already in place, with a pipeline connection less than two kilometers away which means the potential for quick cash flow.
The Undeniable Bridge Fuel
An overwhelming $7 trillion is still necessary to develop gas fields, repair existing facilities and build new infrastructure to ensure enough natural gas for the world through 2050, according to a new report from the Institute of Energy Economics in Japan (IEEJ).
Crucially, that $7-trillion investment outlook is making the significant assumption that the world will see a 56% reduction in emissions by 2050.
This is MCF Energy’s investment thesis, and Europe is a prime example of the disastrous outcome of a lack of planning for the domestic production of natural gas.
At the helm of MCF Energy (MCF.V; MCFNF.QX), Mr. Hill is hoping to change things up in both Germany and Austria as the company readies the drill bit for February, 2024.
And the emphasis isn’t just on exploration, he says, but on development of these new reserves using modern 3D seismic interpretation and AI, which he hopes will not only reopen historic European natural gas discoveries but expand them into exciting prospects for true domestic energy security.
He’s been here before, in Europe. As former VP of Exploration for BNK Petroleum and Bankers Petroleum, as well as the President of Division of Professional Affairs for the American Association of Petroleum Geologists (AAPG), Hill contributed to the development of the heaviest oil field in Europe, in Albania, where they expanded production growth by 2000%.
At the time, Europe was not experiencing an energy crisis, satisfied as it was with its dependence on Russian oil and gas.
Today is a very different story, and MCF Energy is following this investment thesis to its end game, scooping up proven and previously producing assets in Germany and Austria, where the hunger for domestic natural gas is clear and present, driven by a desperate need for energy security.
Europe’s Oil Giants Are Making Moves
TotalEnergies SE (NYSE: TTE) adeptly balances its portfolio between natural gas and oil, reflecting a strategic foresight geared towards leading Europe’s gas-driven energy future. The company’s extensive investment in natural gas infrastructure, including a vast network of pipelines and advanced LNG facilities across the continent, underscores its ambition to cement a central role in shaping Europe’s energy trajectory.
A continuous flow of investments into cleaner drilling technologies and refining optimizations reflects TotalEnergies’ dedication to sustainability and environmental stewardship, ensuring its oil operations not only meet but exceed global environmental standards.
Eni SpA (NYSE: E) stands out for its dynamic response to the evolving energy landscape, with a pronounced shift towards natural gas to meet Europe’s growing demand for cleaner energy solutions. The company’s strategic endeavors, particularly in the Mediterranean and North African regions, highlight Eni’s capacity to leverage its geographical and operational advantages to spearhead Europe’s transition to a more sustainable energy future.
Eni’s exploration and refining activities, while global in scope, are conducted with a keen eye on environmental sustainability, reflecting the company’s holistic approach to energy production.
Equinor ASA (NYSE: EQNR), Europe’s second-largest natural gas supplier, has played a significant role in shaping Europe’s oil and gas sector while pivoting towards renewable energies, including hydrogen and offshore wind projects. This strategic diversification showcases Equinor’s adaptability and commitment to contributing to a sustainable energy future.
Equinor’s investment in renewable energy sources, notably offshore wind, extends its commitment beyond traditional hydrocarbons, aligning with Europe’s ambitious green energy targets.
BP plc (NYSE: BP) has shaped Europe’s energy landscape for decades. In response to the shifting dynamics of global energy consumption and the European Union’s ambitious climate goals, BP has strategically expanded its focus towards natural gas and renewable energy sources.
This shift is evident in their substantial investments in natural gas infrastructure, including pipelines and state-of-the-art liquefied natural gas (LNG) terminals, aimed at catering to Europe’s growing appetite for cleaner fuels. BP’s efforts to diversify its energy portfolio reflect a broader industry trend towards decarbonization and energy transition.
Shell plc (NYSE: SHEL) has strategically positioned itself within Europe’s evolving energy sector by significantly expanding its natural gas and LNG operations. This expansion aligns with the continent’s shift towards cleaner energy sources, reflecting Shell’s commitment to playing a pivotal role in Europe’s energy transition.
Oil remains a significant component of Shell’s diversified energy portfolio, with extensive exploration, production, and refining operations spread across various geographies. Shell’s continuous efforts to optimize these operations incorporate technological innovations and stringent environmental considerations.
By. Tom Kool
**IMPORTANT! BY READING OUR CONTENT YOU EXPLICITLY AGREE TO THE FOLLOWING. PLEASE READ CAREFULLY**
Forward-Looking Statements
This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this publication include that large oil and gas companies will continue to focus on offshore natural gas resources; that domestic onshore natural gas assets in Europe will provide a more affordable energy source than offshore resources; that demand for natural gas will continue to increase in Europe and Germany; that Russia will not supply the majority of natural gas in Germany and Europe; that natural gas will continue to be utilized as a main energy source in Germany and other European countries and demand for natural gas, and in particular domestic natural gas, will continue and increase in the future; that MCF Energy Ltd. (the “Company”) can replicate the previous success of its key investors and management in developing and selling valuable energy assets; that the natural gas projects of the Company will be successfully tested and developed; that the Company can develop and supply a safe, domestic source of energy to European countries; that natural gas will be reclassified as sustainable energy which will support the development of the Company’s assets; that imports of liquified natural gas will not be sustainable for Europe and that European countries will need to rely on domestic sources of natural gas; that the Company expects to obtain significant attention due to its upcoming drilling plans combined with Europe desperate for domestic natural gas supply; that the upcoming drilling on the Company’s projects will be successful; that the Company’s projects will contain commercial amounts of natural gas; that the Company can finance ongoing operations and development; that the Company can achieve its business plans and objectives as anticipated. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that large oil and gas companies will start focusing on the development of domestic natural gas resources; that the natural gas resources of competitors will be more successful or obtain a greater share of market supply; that offshore liquified natural gas assets will be favored over domestic resources for various reasons; that alternative technologies will replace natural gas as a mainstream energy source in Europe and elsewhere; that demand for natural gas will not continue to increase as expected for various reasons, including climate change and emerging technologies; that political changes will result in Russia or other countries providing natural gas supplies in future; that the Company may fail to replicate the previous success of its key investors and management in developing and selling valuable energy assets; that the natural gas projects of the Company may fail to be successfully tested and developed; that the Company’s projects may not contain commercial amounts of natural gas; that the Company may be unable to develop and supply a safe, domestic source of energy to European countries; that natural gas may not be reclassified as sustainable energy or may be replaced by other energy sources; that the upcoming drilling on the Company’s projects may be unsuccessful or may be less positive than expected; that the Company’s projects may not contain commercial amounts of natural gas; that the Company may be unable to finance its ongoing operations and development; that the Company can achieve its business plans and objectives as anticipated; that the Company may be unable to finance its ongoing operations and development; that the business of the Company may be unsuccessful for various reasons. The forward-looking information contained herein is given as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
DISCLAIMERS
This communication is for entertainment purposes only. Never invest purely based on our communication. We have not been compensated by MCF Energy Ltd. for this article. While the opinions expressed in this article are based on information believed to be accurate and reliable, such information in our communications and on our website has not been independently verified and is not guaranteed to be correct. The content of this article is based solely on our opinions which are based on very limited analysis and we are not professional analysts or advisors.
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Fintech PR
ADFW Unveils Full Agenda for 2024 Edition, One of the Most Impactful Financial Gatherings of the Year
ABU DHABI, UAE, Nov. 27, 2024 /PRNewswire/ — Abu Dhabi Finance Week (ADFW) has unveiled a compelling agenda for this year’s event that will take place from 9th to 12th December 2024. ADFW 2024 – ADGM’s flagship event with ADQ as its headline partner – is one of the most anticipated financial gatherings this year, with a lineup of industry-shaping events, influential speakers, and strategic forums that will explore the theme of ‘Welcome to the Capital of Capital.’
This third edition is in keeping with ADFW’s tradition of convening some of the most renowned global financial leaders, investors, policymakers, and thought leaders to address and analyse topics such as economic, human, cultural, environmental and technological capital, that make Abu Dhabi the ‘Capital of Capital’. The agenda for 2024 includes over 60 main and side events, more than 350 thematic sessions and approximately 600+ speakers. The event expects a gathering of over 20,000 attendees from around the world, representing over USD 30 trillion in managed assets.
Commenting on ADFW’s exceptional agenda, His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM and ADDED said, “Abu Dhabi Finance Week has firmly established itself as a global platform that attracts the most influential professionals in the finance industry from across the world. This year’s agenda for ADFW is a testament to Abu Dhabi’s position as a leading international financial hub, where innovation and collaboration drive progress for the Falcon Economy. ADFW continues to create unparalleled opportunities for meaningful dialogue, shaping strategies that strengthen resilience and growth in today’s evolving economic landscape, welcoming them to the ‘Capital of Capital’.”
Key forums, including the Abu Dhabi Economic Forum, Asset Abu Dhabi, RESOLVE 2024, Fintech Abu Dhabi, and the Abu Dhabi Sustainable Finance Forum (ADSFF) will return this year. New events for 2024 include the UBS Investment Forum, the China UAE Investment Summit with HSBC, the Islamic Finance Summit, the Spear’s Private Wealth Summit, and the Abu Dhabi Capital Markets Showcase.
Day 1: Opening Ceremony and Abu Dhabi Economic Forum
The official opening ceremony is on 9th December in the presence of esteemed members of Abu Dhabi’s leadership, heads of leading global investment and financial firms and other VIPs from the financial industry.
Abu Dhabi Economic Forum, a high-level leadership gathering, will feature in-depth discussions on the current state of and prospects for the Falcon Economy. It will bring together senior members of the Abu Dhabi government and prominent figures from the private sector, representing key industries. Speakers include the CEOs of Blackrock, Morgan Stanley, HSBC, Citigroup, BNY, Lunate, First Abu Dhabi Bank (FAB) and Aldar. ADEF Private Leadership Forum, Abu Dhabi Capital Markets Forum, the UBS Investor Forum and the prestigious ADFW Gala Dinner are a few of the major sub-events scheduled for the day.
Day 2: Asset Abu Dhabi and RESOLVE
The second day starts with Asset Abu Dhabi in association with ADCB, Mubadala and PGIM Global Asset Management. Bringing together asset allocators, asset managers, investment bankers, venture capitalists, private equities, family offices and other institutional investors, collectively managing over USD 30 trillion in assets, the event will see industry titans such as Ray Dalio, Robert Smith – Founder, Chairman & CEO at Vista Equity Partners, Aron Landy – CEO at Brevan Howard, and Bill Huffman – CEO at Nuveen take to the stage.
RESOLVE will also be held on this day, in collaboration with the Judicial Department. Under the theme ‘Resilience’, the event is set to host impactful conversations among key stakeholders from the global dispute resolution community and leaders from government, industry, and academia.
Day 3: Fintech Abu Dhabi and Global Financial Regulators Summit
Fintech Abu Dhabi, the Middle East’s largest fintech festival, will spotlight innovations in AI, digital security, and blockchain technology. Breakout events like Blockchain Abu Dhabi, RISK 4.0 Forum, Islamic Finance Summit and the AI Abu Dhabi Forum will showcase the transformative potential of emerging technologies. Leading voices, including Jeremy Allaire – CEO and Founder of Circle, Richard Teng – CEO of Binance, and Caroline Pham – U.S. CFTC Commissioner, will discuss the evolving landscape of financial technology.
The Global Financial Regulator Summit also returns as a closed-door gathering of international senior regulatory bodies and representatives from the MENA region, the European Union, the UK, Asia and the USA to discuss the approach to the opportunities and challenges presented by the rise of AI.
Day 4: ADSFF
Exactly one year after hosting its last edition at COP28, the Abu Dhabi Sustainable Finance Forum (ADSFF) will be held on the concluding day of ADFW to conduct discussions on sustainable finance, impact investing, and net-zero commitments. It will bring together impactful voices like H.E. Carme Artigas Brugal, Co-Chair of the AI Advisory Body at the United Nations, Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, Jonathan Dean of AXA IM and H.E. Majid Al Suwaidi, CEO of Alterra underscoring Abu Dhabi’s commitment to sustainability and green finance.
Curated side events include ‘Women in Finance’ and the ADFW Venture Park.
For more information on the agenda please visit What’s Happening in ADFW | Agenda – Abu Dhabi Finance Week
Register for Abu Dhabi Finance Week 2024 at Get your ticket – Abu Dhabi Finance Week
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NEW DELHI, Nov. 27, 2024 /PRNewswire/ — Comviva, a global leader in digital transformation solutions, specializing in customer experience management, data monetization, and mobile financial services, today announced the appointment of Raja Mansukhani as its Chief Strategy, Technology, and Transformation Officer. In this key role, Raja will drive the execution of strategic initiatives that are central to Comviva’s transformation and the realization of its ambitious Comviva 2.0 vision.
Raja brings over two decades of leadership experience across IT, telecommunications, fintech, and digital platforms. He has led organizations through large-scale business and operational transformations, market expansions, and the launch of innovative products and technologies in diverse global markets. Prior to joining Comviva, Raja was the CEO of a Digital Platforms company within the Axiata Group.
Welcoming Raja to the Comviva leadership team, Rajesh Chandiramani, Chief Executive Officer at Comviva, said, “We are thrilled to have Raja on board during this transformative phase for Comviva. His deep industry knowledge and proven ability to drive growth and innovation align perfectly with our vision for Comviva 2.0. Raja’s leadership will be instrumental in shaping our strategic direction and technology roadmap, as we continue to deliver cutting-edge digital solutions for our customers worldwide.”
Raja Mansukhani shared his enthusiasm about joining the Comviva team, stating, “I am honored to be part of Comviva, a company renowned for its pioneering solutions and steadfast commitment to a customer-centric approach. As the industry undergoes rapid transformation, this is an exciting opportunity to lead strategic initiatives alongside a talented team that will unlock new opportunities and accelerate Comviva’s growth while delivering differentiation and significant value creation for our customers. As a team, we will drive innovation, foster value-driven transformation, and work towards achieving the bold objectives of Comviva 2.0.”
With Raja’s appointment, Comviva reaffirms its commitment to delivering innovative, customer-first solutions while accelerating its transformation efforts to stay ahead in the rapidly evolving digital economy.
As part of its strategic growth, Comviva is enhancing its capabilities in digital commerce, data monetization, and customer experience solutions. By focusing on partnerships with technology leaders and hyperscalers, and advancing operational excellence across MarTech, FinTech, DigiTech, and RevTech, Comviva is positioning itself as a catalyst for innovation. These initiatives align with the company’s vision to lead the digital transformation journey, empowering businesses to unlock new revenue streams and deliver exceptional customer value.
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Fintech PR
LONGi and IUCN jointly release the Initiative of Advancing Climate Action and Biodiversity Conservation with Photovoltaic
XI’AN, China, Nov. 27, 2024 /PRNewswire/ — From November 11th to 22nd, the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change took place in Baku, the capital of Azerbaijan. LONGi, in conjunction with the International Union for Conservation of Nature (IUCN), released the “Initiative of Advancing Climate Action and Biodiversity Conservation with Photovoltaic”. LONGi’s Vice President and Chief Sustainability Officer Zhang Haimeng, IUCN Deputy Director General Stewart Maginnis, and Ant Group Director of Sustainable Development Wang Xiaoying attended and witnessed the event.
The United Nations Environment Programme (UNEP) released a report highlighting that climate change, biodiversity loss, and environmental pollution are the three major global environmental challenges. As a leading global solar energy company, LONGi recognizes that innovation and development of renewable energy technologies such as solar power are not only crucial for reducing greenhouse gas emissions but also vital for the protection of ecosystems and biodiversity. After releasing Climate Action White Papers at COP conference for three consecutive years starting in 2021, LONGi, in collaboration with IUCN at COP29 this year, has taken corporate climate action to a new level by integrating it with biodiversity conservation efforts.
The initiative includes calls for companies to develop and implement climate and biodiversity protection measures in accordance with international multilateral environmental agreements (MEAs) and global standards, including the Convention on Biological Diversity, the United Nations Convention to Combat Desertification, the United Nations Framework Convention on Climate Change, and the Kunming-Montreal Global Biodiversity Framework. It also encourages following global best practices to ensure that all activities meet global climate and biodiversity protection requirements, adopting environmentally friendly methods in the design, construction, and operation of renewable energy projects, improving energy efficiency, and increasing the proportion of clean energy use. The initiative advocates for companies to establish a corporate culture for biodiversity conservation and to promote international cooperation, sharing, and dissemination of global best practices through partnerships.
IUCN Deputy Director General Stewart Maginnis stated in his speech that LONGi, as a leading company in the photovoltaic industry, is actively responding to the IUCN’s guidelines on the biodiversity impact of solar energy projects by releasing this initiative. We believe that the initiative can inspire broader industry and societal actions and will encourage more companies and organizations to participate in the development and application of renewable energy while also taking measures to mitigate their impact on the natural environment.
As biodiversity becomes an increasingly global concern, LONGi has been continuously focusing on how to use photovoltaic technology to promote biodiversity conservation since the 15th Conference of the Parties (COP15) to the United Nations Convention on Biological Diversity, which began in Kunming, Yunnan in 2021, and has actively put this into practice. During the COP28 conference, LONGi announced its “Zero-Carbon Life Plan for Pandas”, donating a distributed photovoltaic power station to the Qinling Giant Panda Conservation and Breeding Research Base in Foping, adopting a Qinling giant panda for life, and providing photovoltaic products and off-grid technology to support wildlife monitoring equipment in the protected area. Earlier, in 2022, LONGi donated photovoltaic modules to the Acquila Wildlife Conservation Base in South Africa, which not only provided daily electricity for the reserve but also clean water sources for wildlife, giving Acquila more possibilities for sustainable ecological operations.
In Duyun City, Guizhou Province, China, a 500kW “Solar +Tea Complementary Project” was established using LONGi photovoltaic products, exploring the application scenarios of photovoltaic technology in traditional tea gardens; the “Solar +Tea Complementary Project” model was also replicated in Pu’er City, Yunnan Province. In the world-famous Kubuqi Desert in Inner Mongolia, two photovoltaic power stations of 336kW and 338kW were built, with LONGi’s products helping arid areas achieve green ecological development with “generating electricity on the panels, planting under the panels, and breeding between the panels.”
Zhang Haimeng pointed out that as a leading global nature conservation organization, IUCN possesses extensive professional knowledge, a broad international network, and successful experiences on a global scale. This collaboration between LONGi and IUCN to release the biodiversity conservation initiative further refines and accelerates LONGi’s biodiversity practices. Through joint actions with IUCN, LONGi expects to more effectively promote global partners, policymakers, and the public’s understanding of the importance of biodiversity conservation, and to learn from excellent biodiversity protection projects such as Ant Group’s “Ant Forest,” actively taking effective measures to address global ecological challenges together. At the same time, as a leading global provider of green energy solutions, the photovoltaic technology and solutions that LONGi possesses can provide effective support for IUCN’s conservation actions.
“All things grow, and life is continuous. We call on humanity to join hands in protecting the Earth’s biodiversity and achieving harmonious coexistence between humans and nature. This is not just an initiative, but a call to action, looking forward to everyone contributing to the protection of biodiversity and the maintenance of ecological balance,” said Zhang Haimeng.
About LONGi
Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.
Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com
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