BRUSSELS, Belgium – Europe should support exploration and production of oil and gas both domestically and across its neighboring regions, according to the International Association of Oil & Gas Producers (IOGP).
The association’s new position paper on the proposed Energy Union – released ahead of publication of the European Commission strategy on the issue – says oil and gas E&P, supported by policies to improve market competition, can help the European Union face its energy challenges.
“There is an abundance of natural gas in and around Europe: the North Sea, the Black Sea, the Caspian, the Mediterranean, the Arctic, and shale gas,” said IOGP’s EU affairs director Roland Festor.
“The EU should take the full benefit of this potential, which can bring royalties, cleaner fuel, jobs, and innovation.”
IOGP says the Energy Union will need a fully-functioning internal energy market, and that strong wholesale energy markets will help deliver security of supply and trigger required investment in infrastructure and innovation. Experience shows that domestic oil and gas production fosters development of competitive wholesale gas markets, the association adds.