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Mind the Tech London 2022

Energean CEO: "We must reduce the dependence on Russian energy"

According to Mathios Rigas, another and no less important challenge is to "reduce the costs of energy as a result of inflationary pressures." Rigas called on companies and entrepreneurs to propose technologies to prevent accidents in the gas drilling industry and reduce carbon dioxide emissions

Meir Orbach | 17:16, 23.03.22

"The world has changed, last year everyone was talking about ESG (acronym for Environmental, Social, and Governance, a term that refers to responsible investments) while the most important thing for us today is securing a reasonably priced supply of energy in the countries where we operate - like Greece, Italy, Egypt and Israel,” said Mathios Rigas, CEO of the oil and gas exploration company Energean, speaking at the Mind The Tech conference in London from his office on Baker Street. "Our big challenge is to reduce energy dependence from Russia and another and equal challenge is to reduce energy costs as a result of inflationary pressures. Today there are people who can not pay for gas and car fuel. This does not mean we should stop talking about moving to clean energy, but we need to be realistic and make the transition in a proper and fair way for all concerned."

Rigas adds: "We are already in a situation where people can not pay for gas to heat their homes. There is always talk of people buying electric cars and being environmentally conscious, but there are 8 billion people who have less access to affordable energy. 80% of the world's population has never been on an airplane. What for many people is a basic act like taking a plane trip, there are others who have never been able to do it. We have a commitment, and to the energy and gas industry in particular, to provide energy that should be sustainable but also available and affordable for every person. We need to meet the needs of all people and not just those who have the financial means."

When asked about the subject of innovation and technology, Rigas said he was surprised at how people do not feel his industry is at the heart of that world: "Our industry has the most advanced technology, after the aviation industry. People always think technology is just small things like chips and smartphones, with us it is an innovation at the engineering level that allows us to operate in deep water like in Israel and drill wells at depths that we have not been able to before.

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"We encourage any technology that suits our business and really want to fund new ideas for our industry and reduce carbon dioxide emissions. We encourage any idea, any new company, start-up that has ideas for the world of energy and gas in particular, to be in touch with us. We will be happy to support and to fund any idea that will not only improve our business but significantly improve carbon emissions, which is an issue we will return to after the war (in Ukraine) ends."

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