Austria International Oil and Gas Industry News

Gazprom Austria Inventory is Now Being Auctioned Off

The Gazprom subsidiary in Austria has become insolvent, and now its assets are being auctioned off at the Aurena auction house. The offer includes 240 exhibits and the purchase of Russian business memorabilia.

May 22, 2023

Political Support for Southern Hydrogen Corridor: Austria, Germany, and Italy Sign Joint Letter

The Southern Hydrogen Corridor, developed by major European transmission system operators, aims to connect North Africa, Italy, Austria, and Germany to supply important European demand clusters with competitive renewable hydrogen.

May 10, 2023

Trilateral Meeting Discussed Energy Transition and Energy Innovation

A trilateral conference was held at the Technical University of Vienna, where Italian, French, and Austrian energy actors discussed the topics of energy innovation and the energy transition. The discussion panels included topics such as the role of gas and nuclear power in European decarbonization, the importance of renewable energy sources, and the potential of solar energy in Europe.

May 3, 2023

EU Approves 2 Billion Euros in State Aid for Wien Energie

The European Commission has approved 2 Billion Euros in state aid for Austrian energy supplier Wien Energie. This was done to accelerate the energy transition and reduce fuel dependency in the context of the Russo-Ukrainian war, according to the EU Commission.

April 5, 2023

Norwegian Aker BP and Austrian OMV Cooperate for CO2 Storage License

Norwegian oil and gas company Aker BP ASA and the Norwegian offshoot of Austria's OMV AS have signed a cooperation agreement on carbon capture and storage (CCS). As a result, both companies have been granted a license under CO2 storage regulations on the Norwegian continental shelf.

April 3, 2023

OPEC+ Surprisingly Cuts Oil Production

The OPEC+ alliance has announced a surprise cut in oil production. There will probably be a reduction of about one million barrels per day from May onward.

April 3, 2023

Austrian OMV Declares Exit from Russian Gas as "Extremely Difficult"

The CEO of the Austrian energy group OMV, Alfred Stern, currently sees hardly any possibility to get out of the Russian business with natural gas. He also sees no alternative to fossil fuels in the short term and talked about relations with Asia-Pacific.

March 28, 2023

Ex-OMV Chief Doubts Policy Statements on Russian Gas Pullout

Russian gas supplies to Austria are currently causing discussions. While the Austrian government wants to do without gas supplies from Russia altogether by 2027, OMV refers to long-term contracts.

March 1, 2023

Vienna Will Provide 200 Euros Once More

After it gave financial assistance to its citizens last year, the City of Vienna will provide the same of 200 Euros again this year. The citizens will receive the benefits of the Energy Bonus 23 in April.

February 22, 2023

Wien Energie and Wiener Linien Continue Photovoltaic Offensive

Exactly 1,369 photovoltaic modules will make Vienna's public transport even greener with immediate effect, as part of the City of Vienna's plan to drive forward climate-friendly energy policies.

February 19, 2023

30 Years of EU Single Market: Austria’s Advantages are Apparent

30 Years of the EU Single Market have had a positive influence on Austria’s economy. This is shown by the reports of the Ministry of Labor and Economy and the Austrian Economic Chamber (WKO).

February 18, 2023

EU Is Planning the Withdrawal From the Energy Charter Treaty

The European Union wants to exit from the Energy Charter Treaty since the contract is not compatible with the energy transition. Austria is examining its exit from the treaty since November.

February 9, 2023

EU Extends Sanctions Against Russia

The European Union is extending its economic sanctions against the Russian Federation for the aggression in Ukraine. The sanctions will be extended for a half year now.

January 29, 2023

EU Grants Austria Subsidies Which Amounts 100 Mio. Euros.

The European Commission will grant Austria 100 million Euros as a measure for the reduction of power consumption approved under the framework for state aid in crises.

January 19, 2023

Fracking Is Causing Tensions in the Austrian Parliament

Fracking has caused tensions in the Austrian parliament. Climate protection Minister Leonore Gewessler from the Green Party tried to pass a law banning Fracking in Austria. However, the party’s coalition partner in the government, the Austrian People's Party (OEVP) declined the law.

January 18, 2023 · Sponsored Content

Large Natural Gas Field Found in Austria

The small town of Molln in Upper Austria could make an important contribution to the gas supply of the entire country in the next few years if the conjectures prove true. Test drilling is said to have already taken place, therefore it is known that the gas is of the best quality. The Australian company ADX Energy wants to start drilling for it this spring.

January 16, 2023

Inflation Sank in December to 10,2 Percent

The inflation rate continues to drop in Austria. After a reduction in November to 10,6 percent, inflation dropped even further in December to 10,2 percent. However, experts are slowing the enthusiasm down for the moment.

January 5, 2023

Falling Gas Prices Will Be Visible in Months

Since the beginning of December, gas prices have decreased significantly in the European market. Gas prices went relatively low through control of prices and mild winter temperatures. However, the consumer will feel this decrease in several months.

January 3, 2023

Russia Bans Oil Export on Countries with Gas Price Cap

Russia has responded to the west’s decision to cap gas prices as a measure to brake the rising energy prices. This was an expected move as Russian President Vladimir Putin has criticized this cap numerous times.

December 27, 2022

Austrian Government Reviews the Year 2022

Austrian Chancellor Karl Nehammer and Vice-Chancellor Werner Kogler made a review and concluded the year 2022 with a positive and determined outlook for the following year. The subjects of the past year were the recovery from the pandemic, the energy crisis, inflation and the Russian invasion of Ukraine.

December 25, 2022

Abu Dhabi-based ADNOC Acquires OMV Shares from Sovereign Wealth Fund Mubadala

There is a change in the ownership structure of the Austrian oil and gas group OMV. Long-time core shareholder Mubadala, Abu Dhabi's sovereign wealth fund, sells its 24.9 percent stake in OMV to Abu Dhabi National Oil Company (ADNOC), also a state-owned company. The state holding company ÖBAG announced that it had been informed of the change in ownership.

December 23, 2022

Gas Pipeline Explodes in Russia

A Russian gas pipeline, which also exports gas to Austria, exploded while repair work was being done there. The explosion occurred in the Chuvashia region and killed three people.

December 20, 2022

Austrian Government Will Expand Subsidies on Housing and Heating

The Austrian government wants to challenge the rising energy prices and help low-income persons by subsidizing their home and their heating. People who are eligible for those subsidies can get up to 330 Euros.

December 15, 2022

OPEC Plus Marks Sixth Anniversary

The Declaration of Cooperation (DoC) between OPEC member countries and 10 non-OPEC oil-producing countries turned six years old. As the oil cartel engaged in diplomatic celebrations, OPEC reaffirmed its expectations for global oil demand in 2023.

December 14, 2022

OPEC Plus Sticks to Production Strategy

The OPEC+ oil alliance is sticking to its current production strategy for the time being. EU sanctions against Russia's oil revenues will apply from tomorrow. The OPEC+ countries have nevertheless confirmed their previous oil production targets. However, an expert committee wants to review the production strategy every two months.

December 4, 2022

Austria Supports Expansion of Croatian LNG Terminal Krk

Croatia wants to expand its terminal for liquefied natural gas (LNG) on the Adriatic island of Krk far beyond its own needs and develop it into a hub for gas supply in the region - gas is also to flow from there to Austria and Germany in the future. At a meeting on Krk, Croatia's Prime Minister Andrej Plenkovic, Austria's Chancellor Karl Nehammer and Bavaria's Minister President Markus Söder agreed to support each other in strengthening energy security, diversifying energy sources and ensuring the security of supply with natural gas and hydrogen.

November 24, 2022

EU Criticizes Austria's Energy Measures as "Not Goal-Oriented"

In the opinion of the EU Commission, Austria's aid measures against high energy prices are "not goal-oriented" enough. The EU authority said today that the federal government had quickly adopted energy policy measures.

November 22, 2022

Vienna Plans to Build its First Geothermal Plant by 2026

A geothermal plant, Vienna's first, is to supply 20,000 households with emission-free district heating. Wien Energie wants to set a milestone toward a climate-neutral city by 2026. An important milestone on the path to a climate-neutral major city is the use of deep geothermal energy. Wien Energie has now presented the concrete plans for this at a press conference with Peter Hanke, City Councillor for Economic Affairs.

November 14, 2022

Environment Ministry Opens New Information Portal on the Energy Situation in Austria

How full are Austria's gas storage facilities and how high is Austria's current electricity consumption? A new website of the Austrian Ministry of Climate Change lists a variety of key figures and data on Austria's energy supply. This is intended to present the latest data to the population in an understandable and effective way.

October 29, 2022

Gas Supply Security: Austrian Chancellor Travels to the United Arab Emirates

In order to secure gas supplies for the next few years, an Austrian delegation, led by Chancellor Karl Nehammer, travelled to Saudi Arabia to negotiate future gas supplies. How much liquefied natural gas could be delivered to Austria in the coming years can be read in the following article.

October 29, 2022

City of Vienna Establishes Energy Crisis Unit

The City of Vienna established an advisory committee on energy supply, which will work as a crisis unit on energy supply issues. Together with the crisis unit that has existed since the Covid pandemic, it is to accompany the preparations for the winter and make proposals for measures to secure energy supplies.

October 17, 2022

Austria Calls for Common European Gas Price Cap at EU Summit in Prague

At the first meeting of the "European Political Community", the informal summit of EU heads of state and government in Prague, Austria attracted particular attention by wanting to define a common EU gas price cap. For Austria's Chancellor Karl Nehammer it was clear in Prague that there would be "no embargo via the back door" when it comes to Russian gas.

October 11, 2022

OPEC Plus Aims to Raise Oil Price

According to insiders, OPEC+ is planning to reduce the amount of oil produced in order to increase the price of oil. This decision is to be published in Vienna on 5 October. In addition, the main OPEC organisation is planning to hold the 8th OPEC International Seminar at the Hofburg in Vienna next year. This is one of the premier events in the energy industry calendar.

October 3, 2022

OPEC Celebrates its 62nd Anniversary

The Organisation of the Petroleum Exporting Countries celebrated the 62nd anniversary of its founding this week.

September 16, 2022

State of the EU 2022 Speech: Austria Wants to Usher in a Modern EU Future

The State of the EU address by Commission President Ursula von der Leyen addressed many acute issues, including the war in Ukraine and its international repercussions. Austria's Minister for Europe responded.

September 15, 2022

Lufthansa and OMV Cooperate Over Sustainable Aviation Fuel

OMV, the international integrated oil, gas and chemical company headquartered in Vienna, and Lufthansa Group are expanding a partnership on sustainable aviation fuels. Germany's Lufthansa plans to stock up on sustainable aviation fuel (SAF) from OMV in the future.

September 13, 2022

Austrian Gas Storage Facilities Over 70 Percent Full

Austria's gas storage facilities are already more than 70 percent full. The contingency plans to secure gas supplies that were put into action as a result of the war in Ukraine and the ongoing energy crisis go according to plan as announced by Austria's government.

September 12, 2022

Austrian Government has Agreed on Electricity Price Brake

The Austrian federal government has agreed on the long-discussed "electricity price brake" to cushion the high cost of energy. According to information from the federal government, each household will pay a lower electricity price for that share of electricity consumption which corresponds to 80 percent of the average consumption of an Austrian household in the previous year.

September 7, 2022

OPEC+ Decides on Slight Cut in Production

The alliance of oil exporting countries cuts production. Saudi Arabia and Russia are sending a clear signal to the West. With the cutback, the hopes of oil importers in Europe that they would at least be relieved of the burden of crude oil in the face of rapidly rising gas prices are fading.

September 5, 2022

Austria's President Van der Bellen Brings in Experts on Energy and Climate Issues as Advisors

Ex-Verbund boss Wolfgang Anzengruber and Wifo economist Angela Köppl are volunteering their expertise to Austrian President Van der Bellen. According to the Federal President's Office, the war in Ukraine and inflation, as well as the slowly emerging energy crisis in Europe, call for expert advice on energy economics and climate issues.

August 31, 2022

Crisis Around Viennese Energy Supply Company "Wien Energie"

Austria's largest energy supplier urgently needs money to hedge forward transactions. Otherwise, the company would have to realize huge losses.

August 30, 2022

Austrian Chancellor Nehammer Calls for EU-27 to Stand Together for European Electricity Price Cap

Given the sharp rise in energy prices, Austrian Chancellor Karl Nehammer is calling for a European electricity price cap to "finally" put a stop to "this madness that is currently taking place on the energy markets. According to Nehammer. this is only possible through a European solution.

August 29, 2022

Austria's Gas Storage Facilities Almost 60 Percent Full

As a result of the war in Ukraine, contingency plans are being put in place in Europe, as well as in Austria, to secure gas supplies. Gas storage facilities in Austria are 59.83 percent full. This means that a total of 57.2 terawatt hours (TWh) of natural gas is stored in domestic storage facilities.

August 17, 2022

Iran Nuclear Talks: Iran Can Build Nuclear Bomb, But Does Not Intend to Do So

Iran says it is technically capable of producing a nuclear bomb. But the country does not intend to do so, the semi-official Fars news agency quoted the head of Iran's Atomic Energy Agency, Mohammed Eslami.

August 1, 2022

Viktor Orbán Meets Austrian Chancellor for Controversial Talks in Vienna

Viktor Orban, the polarising Prime Minister of Hungary, met with Austrian Chancellor Karl Nehammer last week in Vienna. The two statesmen expressed friendship, but also disagreed on some issues.

August 1, 2022

OPEC Welcomes New Secretary General Haitham Al-Ghais

Haitham Al-Ghais of Kuwait has taken over the position of Secretary General of the Organization of Petroleum Exporting Countries (OPEC). He replaces Mohammed Barkindo, who died unexpectedly in July.

August 1, 2022

Earth Overshoot Day: World has Already Used Up Resources

The Earth's natural resources for this year will have been depleted by tomorrow. By tomorrow, ecosystems would need about a year to replenish their resources. According to the Global Footprint Network, which is based in the United States and Switzerland, Earth Overshoot Day is slightly earlier this year than last.

July 27, 2022

Austria Will Take Common Line with Germany on Gas Storage

Germany and Austria have joint responsibility for storing gas, according to Energy Minister Leonore Gewessler (Greens). "We have always coordinated well with Germany," the minister said today, referring to the Haidach storage facility near Salzburg, which is also important for Germany.

July 25, 2022

New EU Gas Emergency Plan: "Must Prepare for the Worst Case"

Recently, the European Commission presented its new EU Gas Emergency Plan under the title "Save gas for a safe winter". In this, the European Commission assumes that consumers can save up to 15% gas. The Austrian Federal Economic Chamber is pleased with the Commission's plans.

July 22, 2022

Austrian Federal President: "We Must Not Allow Ourselves to Be Divided"

Austria's Federal President Alexander Van der Bellen addressed the current challenges and hardships in a gripping opening speech at the Bregenz Festival.

July 21, 2022