Austria International Oil and Gas Industry News

Wien Energie Builds a New Large Heat Pump for a Climate-Friendly District Heating Supply

Wien Energie has announced the construction of a new large-scale heat pump at the Spittelau waste incineration plant, which will increase the plant's efficiency by 13 percent and supply 16,000 households in Vienna with district heating from 2025. This third large-scale heat pump in Vienna is a significant step towards the city's climate targets, which aim to be climate-neutral by 2040.

November 16, 2023

OPEC Secretary General Al Ghais Advocates for Increased Oil Production Amidst Global Energy Transition

In a recent op-ed and public statement, OPEC Secretary General, His Excellency Haitham Al Ghais, presented a compelling argument for the necessity of oil in today's world, even as global energy transitions are underway.

November 13, 2023

China and OPEC Cement Economic Ties for a Sustainable Energy Future

In a landmark progression for global energy relations, China and the Organization of the Petroleum Exporting Countries (OPEC) have significantly deepened their partnership, moving from a historical ideological alliance to a robust economic collaboration. This shift is set to have far-reaching implications for market stability and the sustainable development of the global energy sector.

November 9, 2023

Ukraine Will Block Gas Transit: Challenges and Opportunities for OMV and Europe

Ukraine's decision to stop transiting Russian natural gas to the West from 2025 poses a significant challenge for OMV and for several European countries. The announcement, made by the head of Ukrainian energy company Naftogaz, Olexiy Chernyshov, raises several questions about energy security and dependence on Russian gas.

October 29, 2023

Wien Energie Strengthens Independence By Reducing Russian Gas

With the start of the heating season in Vienna, ushered in by a sudden drop in temperatures after an unusually warm start to October, the essential issue of energy supply security is once again coming to the fore. In light of ongoing geopolitical tensions, Wien Energie, Austria's largest energy supplier, has taken proactive measures to secure heating supplies for the coming winter while reducing dependence on Russian natural gas.

October 22, 2023

Austria's Growing Potential: MCF Energy's Welchau Gas Prospect

Austria could be on the verge of a breakthrough in its quest for energy security with the announcement of further developments regarding the Welchau gas prospect. MCF Energy Ltd. has confirmed plans to commence drilling at the Welchau site in Austria during Q4 2023.

October 18, 2023 · Updated: October 18, 2023; 20:00

OMV and Wood Sign Agreement to License Plastic Recycling Technology

In a move to promote the circular economy and reduce plastic waste, Vienna-based OMV and UK-based Wood have signed an exclusive cooperation agreement to commercially license OMV's ReOil technology. This agreement was reached at ADIPEC, the world's largest energy conference in Abu Dhabi, and is designed to drive progress in chemical plastic recycling.

October 3, 2023

Norway as a New Key Partner for Austria in Energy and Climate Protection

During a working visit to Norway, Chancellor Karl Nehammer emphasized Norway's key role in the fields of environment, energy technology, and climate protection. In a conversation with Norwegian Prime Minister Jonas Gahr Støre, Nehammer emphasized that Norway is not only an important partner but also a pioneer in environmental and energy technology.

October 3, 2023

OMV to Supply Air France-KLM 2,000 Tons of Sustainable Jet Fuel

OMV, a Vienna-based integrated company specializing in energy, fuels, and commodities, has taken a decisive step towards promoting more sustainable aviation practices. It has signed an off-take agreement to supply 2,000 tons of sustainable aviation fuel (SAF) to Air France-KLM Group for 2023.

September 18, 2023

Austria EU Representative Selmayr at Dispute Because Of "Blood Money" Statement

EU representative Martin Selmayr has called Austrian gas payments to Russia "blood money". Now reprimanded by Vienna and Brussels, EU Commission representative Martin Selmayr does not want to give up his job in Austria.

September 14, 2023

Austria's Ex-Economy Minister Schramböck in Saudi Arabia: Progress on Women's Rights and Economic Opportunities

The former Austrian Minister of Economy, Margarete Schramböck, has given insights into her new professional activities in Saudi Arabia in an interview with the magazine "trend". She is currently on the board of Aramco Digital, a digital subsidiary of Saudi Aramco, the world's largest oil company, which was founded in spring 2023. Schramböck plays an important role there, which she describes as "between the executive board and the supervisory board."

September 7, 2023

OMV's Polyolefins Business Cooperation: Concerns Raised as Greens Question Borealis' Future

Austrian energy company OMV has decided to pursue negotiations with ADNOC, the state-owned oil company of the United Arab Emirates, on potential cooperation of their polyolefins business. This reinforces certain concerns of the critical voices on the OMV-ADNOC deal.

July 16, 2023

OMV Secures Additional European Gas Transmission and Pipeline Capacities until 2028

The listed oil and gas group OMV has successfully secured additional European gas transport capacities and gas pipeline capacities. This measure serves to secure Austria's gas supply and enables OMV to meet its delivery obligations in the medium term.

July 12, 2023

Selling of Turmoel Fuel Business to the Polish Group Orlen

The Austrian-based Doppler mineral oil group has sold its Turmöl fuel business to the partly state-owned Orlen mineral oil group from Poland, Orlen announced. As a result, the Turmöl service stations are switching to a large international group.

July 4, 2023

OMV Gives Final Investment Decision for Gas Project in Romania

OMV announced the final investment decision by OMV Petrom, the largest integrated energy company in Southeast Europe, for the Neptune Deep natural gas production development project.

June 22, 2023

OPEC and Non-OPEC Participating Countries Agree on Crude Oil Production Adjustments

In a bid to maintain stability in the oil market, OPEC and non-OPEC Participating Countries have announced key decisions during the 35th OPEC and non-OPEC Ministerial Meeting held in Vienna. The meeting emphasized the commitment to achieving a stable oil market and providing long-term guidance for the industry.

June 19, 2023

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