Vienna International Energy Industry News

New Natural Gas Well in Upper Austria: ADX Expands Exploration Area in Molln

The Australian-Austrian energy company ADX Energy has received approval from the Austrian authorities to significantly expand its exploration area in the Upper Austrian district of Kirchdorf an der Krems. The measure relates in particular to the so-called Welchau area in the municipality of Molln, which had already come into focus last year with an initial well.

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Alfred Stern Leaves OMV in Summer 2026: End of an Era of Change

Alfred Stern, CEO and Chairman of the Executive Board of OMV, will not extend his contract beyond August 31, 2026. The 60-year-old top manager announced this decision to the Chairman of the Supervisory Board, Lutz Feldmann. This marks the end of a term of office characterized by far-reaching strategic upheavals, geopolitical challenges, and ambitious sustainability goals.

May 20, 2025

IAEA Director General Rafael Grossi Visits China

During a week-long visit to China, Rafael Mariano Grossi, Director General of the International Atomic Energy Agency (IAEA), achieved significant progress in enhancing cooperation between the IAEA and China. The discussions focused on promoting the peaceful use of nuclear energy, supporting sustainable development in the Global South, and advancing innovative nuclear technologies.

April 15, 2025

OMV Stops Fuel Procurement from Serbian NIS due to U.S. Sanctions

The Austrian oil, gas, and chemicals group OMV has stopped purchasing fuel from the Serbian energy company Naftna Industrija Srbije (NIS) due to the threat of U.S. sanctions. NIS is majority-owned by the Russian companies Gazprom Neft and Gazprom.

April 10, 2025

Austria's Verbund Takes Over 272 MW Wind Project in Romania

The partly state-owned Austrian energy group Verbund has acquired a fully developed wind power project with a capacity of 272 megawatts (MW) from the Monsson Group via its Romanian subsidiary Verbund Wind Power Romania. The project is located in Caraș-Severin County in southwestern Romania and is expected to drive forward the energy transition in Europe.

April 10, 2025

Taxes Rising, Deficit Growing: Austria Faces EU Criminal Proceedings

Austria is threatened with EU deficit proceedings - at 4.7 percent of GDP, the budget deficit is well above the Maastricht limit. To counteract this, the federal government is taking the first noticeable steps - above all, tax increases on tobacco, betting, e-vehicles, and court fees. However, experts warn that the road to budget consolidation is rocky and politically explosive.

April 1, 2025

India and the IAEA Intensify Cooperation: Focus on Nuclear Energy for Development and Health

During a high-level visit to India, Rafael Mariano Grossi, Director General of the International Atomic Energy Agency (IAEA), is strengthening cooperation with New Delhi in the areas of nuclear energy, training and the fight against cancer. A new hub for cancer treatment, a course in nuclear technology, and a clear geopolitical signal are the focus.

April 1, 2025

Iran Demands Conditions for Nuclear Negotiations With the USA

The Iranian government is prepared to accept the negotiations on its nuclear program offered by US President Donald Trump but has set clear conditions regarding the sanctions against the Iranian economy, society, and the state itself.

March 23, 2025

Economic Forum in Vienna: Poland and Austria in Dialogue on Security and Economy

As part of the Polish EU Council Presidency, the high-caliber forum “Ensuring Security and Freedom of Business - Polish and Austrian Perspectives” took place at the headquarters of the Austrian Federal Economic Chamber (WKÖ). The event, which was organized by the Polish Embassy in Vienna in cooperation with the WKÖ, brought together over 130 representatives from public institutions, business organizations, and various industries from both countries. The event aimed to discuss current challenges and opportunities in the areas of energy security, digital transformation, and economic policy at the EU level.

March 19, 2025

New Economics Minister Hattmannsdorfer Against the Deindustrialization of Austria and Europe

Dr. Wolfgang Hattmannsdorfer (ÖVP) sent out a signal for the importance of industry in Austria with his first official company visit as Minister of Economic Affairs. The trip took him to his hometown of Linz to voestalpine, where he emphasized that the business location is facing decisive challenges. The new minister assured that “the stop button for industrial migration” would be pressed with the new government program.

March 5, 2025

Gas Drilling in Molln: Economic Interests vs. Nature Conservation

The debate about gas drilling in Molln in the Kirchdorf district continues to intensify. While the Australian-Austrian company ADX Energy wants to expand its exploration efforts, opposition from environmental associations and political representatives is growing. The Constitutional Court (VfGH) has now issued a ruling that could have far-reaching consequences for future drilling projects.

February 13, 2025

Austria's Initial Federal Deficit for 2024 Better Than Expected

Austria's federal deficit for 2024 ended up being 1.7 billion euros lower than initially forecast, standing at 19.1 billion euros. This positive outcome comes despite economic challenges, with lower-than-expected government spending helping offset revenue shortfalls.

February 9, 2025

Austria Signs Letter of Intent for Southern Hydrogen Corridor

In a pioneering initiative, Austria, Italy, Germany, Algeria, and Tunisia signed a declaration of intent for the construction of the “SouthH2 Corridor” in Rome today. This pioneering infrastructure project will transport green hydrogen from North Africa to Europe over a distance of 3,300 kilometers and make the continent's energy supply more sustainable and independent.

January 21, 2025

Energy Partnership: Uniper Secures Natural Gas Supplies from OMV Petrom from 2027

According to insider information, the German energy group Uniper has concluded a long-term supply agreement with the Romanian OMV subsidiary OMV Petrom. From 2027, Uniper will purchase natural gas from Romania, extracted from the Neptun Deep project in the Black Sea. The agreement covers the supply of 15 terawatt hours of natural gas over five years. This corresponds to around 1.5 percent of total German gas imports in 2024.

January 7, 2025

OMV Abandons Plans to Sell Exploration Business in New Zealand

Following an intensive review, the Executive Board of OMV Aktiengesellschaft has decided not to pursue the sale process for the exploration and production (E&P) business in New Zealand. OMV New Zealand Limited will, therefore, remain part of the partly state-owned energy company's E&P portfolio.

December 17, 2024

OPEC Revises Forecasts and Cadre: Decline in Global Oil Demand Expected

OPEC has revised its expectations for global oil demand in 2024 and 2025 downwards for the fifth time in a row. At the same time, the organization is celebrating the eighth anniversary of the “Declaration of Cooperation” and appointing new leaders.

December 12, 2024

OMV Terminates Gas Supply Contract with Gazprom

OMV has terminated its long-term gas supply contract with the Russian energy group Gazprom with immediate effect. According to OMV, this was due to “fundamental breaches of contract” by Gazprom, in particular, because no gas deliveries have taken place since November 16, 2024. This decision represents a turning point in Austrian energy policy and marks the end of a business relationship that has lasted over 50 years.

December 11, 2024

Lower Austria's Schoeller-Bleckmann Oilfield Equipment AG Records Significant Drop in Profits

Schoeller-Bleckmann Oilfield Equipment AG (SBO), a leading global supplier of specialized equipment for the oil and gas industry, recorded a significant decline in net profit in the first three quarters of 2024. With a slump of 38 percent, profit fell to 34.4 million euros, highlighting the challenges of a volatile market and geopolitical uncertainties.

November 21, 2024

Russian Gas Flow to Austria: Stop of Gazprom Deliveries without Noticeable Effects

Despite the cessation of gas deliveries by the Russian energy group Gazprom to the Austrian OMV, the gas flow to Austria remains stable. Deliveries were registered at the important Baumgarten hub in Lower Austria, albeit with a slight reduction compared to previous months.

November 19, 2024

Arbitration Court Awards OMV 230 Million Euros in Dispute with Gazprom

A significant legal victory for OMV: the Austrian energy group has successfully concluded arbitration proceedings against Gazprom Export under the rules of the International Chamber of Commerce (ICC).

November 14, 2024

OPEC+ Extends Oil Production Cuts by One Month

OPEC+ has decided to extend the voluntary production cuts since November 2023 by 2.2 million barrels per day until the end of December 2024.

November 3, 2024

OPEC Fund Intensifies Global Development Cooperation with New Financing Commitments

The OPEC Fund for International Development has announced significant financing commitments of around half a billion US dollars at the 2024 World Bank-IMF Annual Meetings to support climate action, food security, and infrastructure in various partner countries.

October 28, 2024

Glock Ecotech Delivers Green Energy to Japan to Promote Sustainability

The Austrian company Glock Ecotech has secured an important project in Japan. As part of a partnership with the Japanese company Eishin Co., Ltd., Glock Ecotech supplies 18 modern Glock CHP 50 thermal power plants to Tokamachi in Niigata Prefecture. This major project will start in the first half of 2025 and marks an important step in Japan's efforts to reduce fossil fuels and become climate-neutral.

September 24, 2024

OPEC Celebrates 64 Years of Shaping the Global Oil Industry

The Organization of the Petroleum Exporting Countries (OPEC) marked a significant milestone this September as it celebrated its 64th anniversary. For more than six decades, OPEC has played a crucial role in stabilizing the global oil market, fostering international cooperation, and championing the sovereignty of oil-producing nations over their natural resources.

September 19, 2024

IAEA Holds 68th General Assembly in Vienna

The 68th General Assembly of the International Atomic Energy Agency (IAEA) in Vienna has begun, providing an important platform for exchanges between member states on nuclear safety, non-proliferation, and sustainable development. In addition to discussing global issues of nuclear safety and climate change, numerous heads of state and government are taking the opportunity to hold bilateral talks.

September 17, 2024

Arab Diplomats Visit Burgenland to Promote Renewable Energies

In a major initiative to strengthen bilateral relations between Austria and the Arab world, the Austro-Arab Chamber of Commerce (AACC) together with Energie Burgenland welcomed a high-ranking delegation of Arab ambassadors and diplomats to Burgenland. The focus of the event was on progress in the field of renewable energies and sustainable development.

September 15, 2024

Gas Extraction in Upper Austria: Opportunities and Challenges for ADX Energy's Test Drillings

The planned natural gas extraction in Upper Austria is causing controversy. While the Australian company ADX Energy sees gas as a contribution to national energy independence, environmentalists warn of the ecological and climate policy consequences of new fossil fuel projects.

September 12, 2024

OPEC Sees Oil and Electrification as an Inseparable Duo for the Future of Global Energy Supply

In the current debate about the future energy supply, electrification is often portrayed as the big opponent of oil. The increasing pressure to reduce CO2 emissions and make the energy supply more sustainable has led many to view the use of oil as obsolete. But Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), disagrees with this simplistic view and emphasizes the indispensable role that oil and its derivatives play in the global energy landscape.

August 20, 2024

Austria's Competition Watchdogs Criticize Concentration on Gas Market

The Federal Competition Authority (BWB) and the regulatory authority E-Control recently presented the second interim report of their joint Electricity & Gas Task Force. This investigation is a reaction to the developments in the Austrian energy markets, which are characterized by strongly fluctuating prices and high market concentration.

August 20, 2024

Alpbach: Between Tradition and the Future - the European Forum Alpbach 2024

The European Forum Alpbach (EFA) celebrated its 80th anniversary in 2024. It once again attracted over 4,000 participants to the small Tyrolean mountain village, which became the center of European discourse for two weeks. Under the general theme of “Moment of Truth”, this year's forum focused on the groundbreaking decisions that Europe must make in the face of multiple crises, from climate catastrophes to political tensions.

August 18, 2024

Austria Investing in the Future: Strengthening STEM Education and Massive Research Funding

Austria is setting standards in the education and research landscape to meet the challenges of the future. With two far-reaching initiatives, the government aims to combat the shortage of skilled workers in the STEM fields (mathematics, IT, natural sciences, and technology) as well as massively promote research and innovation in the country. These measures are intended not only to solve short-term problems but also to secure and strengthen Austria as a business location in the long term.

August 13, 2024

OMV CEO Stern: Independence from Russian Gas and Solid Business Development

The Austrian oil and gas group OMV has taken a significant step towards energy independence. CEO Alfred Stern declared at a press conference that OMV is no longer dependent on gas supplies from Russia. This announcement marks the end of a two-year strategic realignment aimed at diversifying gas sources and transportation routes.

July 31, 2024

Salzburg Summit: Europe's Challenge in the Global Economy

The Salzburg Summit 2024 provided a platform for discussions on the pressing economic and political challenges facing Europe. One of the central debates revolved around the tense relationship with the major economic power China and the resulting impact on European competitiveness.

July 25, 2024

Austria Businesses Heading for a Record Year of Bankruptcies in 2024

Austria is facing a possible record year for corporate insolvencies in 2024. The current economic situation shows a significant increase in insolvencies, especially in the first half of the year.

July 15, 2024

30 Years of the WKÖ Export Prize: Austrian Companies Honored for Top Performance

Austria's export industry has achieved impressive successes over the last 30 years. EU accession in 1994 played a key role in this, paving the way for a more than five-fold increase in goods exports. Despite challenging framework conditions, the 63,700 domestic export companies achieved a record value of 200 billion euros in goods exports and 83 billion euros in services exports last year.

June 18, 2024

Austrian Foreign Minister Schallenberg Receives Deputy Prime Minister of Kyrgyzstan

Austria's Foreign Minister Alexander Schallenberg received the Kyrgyz Deputy Prime Minister and Minister of Water Resources, Agriculture and Processing Industry, Bakyt Torobaev, in Vienna for the first time. Amid the ongoing Russian war of aggression against Ukraine, Schallenberg emphasized the need to deepen relations with the Central Asian states. The main focus of the meeting was on strengthening the bilateral partnership, particularly in the economic sphere.

June 16, 2024

Austria Promotes Key Projects for Renewable Energies in Central Asia

High-ranking representatives from Central Asia, Europe, and the Middle East as well as private investors are gathering in Vienna at the invitation of the World Bank to hold the International Energy Investment Forum. The event is being held in cooperation with the government of the Kyrgyz Republic and other international financial institutions such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

June 10, 2024

OPEC+ Extends Production Cuts Until 2025

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met in Riyadh on the sidelines of the 37th OPEC and Non-OPEC Ministerial Meeting (ONOMM). During the meeting, the participating countries decided to extend the existing production cuts until the end of 2025.

June 2, 2024

Austria Signs Pact for Hydrogen Corridor

In a step towards a sustainable energy future, the energy ministers of Italy, Germany, and Austria have signed a joint declaration of intent to develop a hydrogen import corridor between the three countries.

May 30, 2024

Supply Stop and Human Rights Allegations for OMV

OMV, Austria's leading energy company, is currently under immense pressure. Two developments could have a significant impact on the company and the Austrian energy market: the threat of Gazprom stopping gas supplies and serious allegations of involvement in war crimes against former OMV executives in Sudan.

May 22, 2024

Austrian Climate Ministry Supports Ukraine with Five Million Euros for the Reconstruction of Energy Infrastructure

The Austrian Federal Government has announced its support for Ukraine by releasing five million euros in aid to the Ukraine Energy Support Fund. This financial aid aims to promote the reconstruction of Ukraine's severely damaged energy infrastructure, which has been suffering from the devastating effects of the war for over two years.

May 22, 2024

Austria's Constitutional Protection Agency Warns of Chinese Economic Espionage

The Austrian Office for the Protection of the Constitution has issued an urgent warning about Chinese industrial espionage. Small and medium-sized enterprises and research centers are particularly at risk.

May 20, 2024

Seventh OPEC-China Energy Talks in Vienna: Joint Focus on Sustainable Future and Energy Cooperation

The seventh high-level meeting of the OPEC-China Energy Dialogue took place in the Austrian capital. The meeting was hosted by the Secretariat of the Organization of the Petroleum Exporting Countries (OPEC), with key representatives from both sides discussing their visions and plans for the future of energy cooperation and sustainable development.

April 2, 2024

European Gas Conference in Vienna Postponed due to Protests

The European Gas Conference planned for March 26-28 in Vienna is no longer on the international energy industry's calendar. Security concerns caused by announced protests forced the organizers to postpone the event indefinitely.

March 14, 2024

City of Vienna Warns of Nuclear Renaissance and Small Modular Reactors in Europe

In a recent statement, Vienna City Councillor for Climate Action Jürgen Czernohorszky, who is also Chairman of the Cities for Nuclear Free Europe (CNFE) initiative, is critical of Sweden's nuclear power plans, the situation, and the development of Small Modular Reactors in Europe.

March 4, 2024

Austria Plans to Withdraw from Russian Gas Contracts

In a decisive step against continued energy dependence, Energy Minister Leonore Gewessler (Greens) announced that she would end the gas supply contracts between OMV and the Russian company Gazprom. The contracts, which run until 2040 and oblige Austria to purchase significant quantities, are under critical review. Gewessler commissioned the Economic Research Institute (WIFO) to carry out a detailed analysis of the economic consequences of termination and the risks of continued dependency.

February 12, 2024

Africa Day 2024: Austria Looks to Africa's Future Markets

This year's Africa Day was all about Africa's future markets and offered a platform to strengthen economic relations between Austrian and African companies. Organized by the Austrian Federal Economic Chamber (WKÖ), the event attracted more than 1,200 participants from Austria, over 30 African countries, and guests from Europe, Asia, and the USA.

February 5, 2024

OMV's Borealis to Merge with Borouge in a 30 Billion Euro Deal

OMV's subsidiary Borealis is set to merge with the Abu Dhabi-based petrochemical company Borouge, creating a new global heavyweight in the chemical and plastic sector with an estimated value of 30 billion euros. This significant move marks a transformative step in the ongoing value creation and chemical growth strategy of both companies.

December 14, 2023

Glock Ecotech Launches Sustainable Energy Project in Sweden

The Austrian company Glock ecotech has taken a significant step towards sustainable energy supply in Sweden. With the successful commissioning of its first electricity-to-heat power plant near Nyköping, the company now also offers an environmentally friendly energy option in the Scandinavian region.

December 5, 2023

Austro-Arab Chamber of Commerce Hosts Libyan Delegations for Industry and Digital Transformation Talks

In a series of significant events, the Austro-Arab Chamber of Commerce (AACC) in Vienna, Austria, played host to high-level delegations from Libya, focusing on industrial development and digital transformation.

December 5, 2023