Austria International Oil and Gas Industry News

Read the latest headlines about developments in the international oil and gas industry in Vienna and Austria

OPEC Headquarters Vienna: World Oil Market Outlook 2019 Launched

OPEC's Chief Mohammad Sanusi Barkindo released its 2019 World Oil Outlook, in which the OPEC states that the oil market may have upside potential in 2020.

November 17, 2019

Mohammad Sanusi Barkindo to Present the OPEC World Oil Outlook 2019

The OPEC World Oil Outlook provides insights into the upstream and downstream, supply and demand, investments, the potential impact of policies and sustainable development. It will be launched at the Vienna Stock Exchange by OPEC’s Secretary General, HE Mohammad Sanusi Barkindo.

October 22, 2019

Further Increase in Greenhouse Gas Emissions in Austria

Environmental control report calls for increased investment in climate-neutral economy and society. Climate neutrality requires change in the economy and society.

October 16, 2019

What Does Vienna Have in Common with the New Silk Road?

In order to ensure sustainable development, the cities along the New Silk Road also have to face major infrastructural and social challenges, as well as climate-ecological challenges. More than 1000 participants from more than 178 cities are expected in September in the Vienna International Center for UNIDO's Bridge for Cities Conference as part of the Belt & Road Initiative.

August 12, 2019

Former Finance Minister Schelling to Be Appointed to OMV Supervisory Board

Former ÖVP finance minister Hans Jörg Schelling is to move into the supervisory board of the partly state-owned OMV. Various media report that this is being done at the request of senior government officials.

April 25, 2019

Wolfgang Schüssel Joins the Lukoil Supervisory Board - Who are His Colleagues?

As a press release of Lukoil revealed, the former Austrian Chancellor Dr. Wolfgang Schüssel takes over one of 12 supervisory board positions in the second largest Russian company PJSC Lukoil Oil Company as Independent Director. Who are his 11 supervisory board colleagues?

March 13, 2019

What is Lukoil and What Does It Do in Austria?

Lukoil Oil Company is the second largest Russian oil multinational with a turnover of USD 102 billion, of which approximately USD 250 million comes from Austria. Lukoil has been represented in Austria since 1995 and currently operates from Vienna four subsidiaries with activities in 40 countries.

March 13, 2019

Austria's Dependence on Russian Gas Increased by 33 Percent

The effects of the amendment to the contract on gas supplies from Russia to Austria signed last year become visible. A meeting in Moscow between Rainer Seele, Chairman of the Executive Board of OMV, and Alexey Miller, Chairman of the Gazprom Management Committee, revealed that gas deliveries between January 1 and March 5, 2019 increased by 32.9 per cent compared to the same period last year.

March 6, 2019

OMV Doubles Net Profit and Achieves 2018 Most Profitable Result in Company History

Austria's largest and listed industrial company, the oil and gas group OMV, achieved its most profitable result in the company's history in 2018 with a net profit of almost two billion euros.

February 7, 2019

OMV Acquires 2.2 Billion Euro Share in United Arab Emirates Refinery

Austrian OMV and the state-owned oil company of the United Arab Emirates, Adnoc, announced that OMV has acquired a 15 percent stake in Abu Dhabi Oil Refining Company. Thereby OMV establishes a major downstream Oil position. In addition, OMV will acquire a 15 percent stake in a trade joint venture with export volumes equivalent to around 70% of production.

January 28, 2019

Austro-Arab Energy Community Meets in Vienna to Discuss International Cooperation

The 10th Arab-Austrian Economic Forum & Exhibition took place in Vienna yesterday, organized by the AACC Austro-Arab Chamber of Commerce in cooperation with the City of Vienna and the Regional Center for Renewable Energy and Energy Efficiency (RECREEE). Under the general theme "Energy Transition - Urban Technology and Sustainable Cities", New Opportunities for International Cooperation and Partnerships, representatives from EU institutions, international organizations, funds, European and international financial institutions as well as ministers and high-ranking personalities from the Arab economy met representatives of the local economy, politics and business community. Participants included Nabil R. Kuzbari, Richard Schenz, Michael Ludwig, Omar Al-Rawi, Mahdi Allak, Johannes Peterlik, Samir Koubaa, Michael Esterl and Li Yong.

October 2, 2018

Vienna Energy Forum and the R20 Austrian World Summit 2018: Feedback of a Participant

At the Vienna Energy Forum and the R20 Austrian World Summit recently held in Vienna, Beatriz Mayor of IIASA - International Institute for Applied Systems Analysis also participated, who shares her interesting insights as follows.

June 6, 2018

OMV Celebrates 50 Years of Lucrative Natural Gas Business

On 1 June 1968, a historic gas supply contract was signed in Vienna, establishing Austria’s role as a key country in Europe’s natural gas network. The 50-year collaboration with Russia is a win-win situation. Then, as now, natural gas plays a key role in OMV's portfolio, as European demand will continue to increase over the next decades. OMV is Gazprom’s main partner in Austria. The companies cooperate in gas production, transportation and supplies.

June 6, 2018

Putin's Austria Visit: Extension of Gazprom Gas Supply Contract until 2040

OMV has formally confirmed the extension of the gas supply contract with Russia's Gazprom on the occasion of the visit of Russian President Vladimir Putin to Austria by the two CEOs Alexey Miller and Rainer Seele.

June 6, 2018

Vladimir Putin on PR Campaign in Austria

Vladimir Putin is on his sixth official state visit to Austria. Officially, on the occasion of the 50th anniversary of the gas supply contract between Austria and Russia, this is a working visit to President Van der Bellen and Chancellor Kurz. In fact, a new gas supply contract between Gazprom and OMV is the main reason for the visit. Other gas deals are still in the negotiation phase, namely the Gazprom Urengoy gas field asset swap and the Nordstream 2 pipeline project. The Central European Gas Hub in Baumgarten/Lower Austria, an important gas distribution hub from the Russian perspective, could also be on the agenda.

June 5, 2018

Meet OPEC's Secretary General Mohammad Sanusi Barkindo

HE Mr. Mohammed Sanusi Barkindo is the current Secretary General of OPEC. He recently received a prestigious Energy Award for Lifetime Achievement for helping to stabilize the oil price again. He also gave an insight into how OPEC has regained its former strength under his guidance.

May 28, 2018

OMV Group Report Q1 2018: Profit Down 43%, Production Up 30%

Adjusted operating profit amounted to EUR 818 million, up 2% year-on-year. Net income was also in line with forecasts, although net income for the period fell by 43% year-on-year. One of two key events was the signing of a concession agreement for the acquisition of a 20% stake in two fields offshore Abu Dhabi from ADNOC, as well as two satellite fields. The agreed participation fee amounts to USD 1.5 bn and the duration of the contract is 40 years.

May 4, 2018

OMV Receives Political Support for €1.3 Billion Purchase of Two UAE Oil Fields

An economic delegation led by Federal Chancellor Sebastian Kurz, with the participation of Margarete Schramböck, Minister of Economic Affairs, OMV CEO Rainer Seele and a small delegation had the main objective of supporting OMV in the concession agreement for the acquisition of a 20% stake in two fields offshore Abu Dhabi from ADNOC.

May 4, 2018

Top Energy Events Put Vienna in the Focus of the Global Clean Energy Economy

The Vienna Energy Forum 2018 in May in Vienna brings together a multitude of people and institutions to discuss and solve the key questions of the present on the topic of energy. Among them are heads of state, ministers, energy experts, representatives of international and non-governmental organizations, academia, civil society and the private sector. The PFAN Climate and Clean Energy Investment Forum and the R20 Austria World Summit are also part of this huge event. This event, sponsored by Arnold Schwarzenegger, is a high-level summit about leadership on implementing the Paris Climate Agreement and the United Nations Sustainable Development Goals.

April 19, 2018

OMV: Yearly Financial Report 2017

OMV Aktiengesellschaft is declaring the following financial reports below.

April 12, 2018

OMV Buys Oilfield Shares in Abu Dhabi for USD 1.5 Bln

Listed oil corporation OMV is acquiring 20 percent of two offshore oil fields in Abu Dhabi from the Abu Dhabi oil group ADNOC. The purchase price for the concession and the associated infrastructure amounts to USD 1.5 billion. OMV has already a long relationship with Abu Dhabi. OMV opened a representation office in Abu Dhabi in 2007. Today Abu Dhabi is the location of the Business Hub for OMV´s Upstream Middle East & Africa activities.

April 6, 2018

Former Finance Minister Schelling Appointed Gazprom Advisor

Hans Jörg Schelling, former Austrian Minister of Finance until December 2017, has signed an advisory contract with Nord Stream 2 gas pipeline three months after his handover. OMV is also involved in the project, of which he was the owner's representative as Austrian Minister of Finance.

March 30, 2018

Chancellor Kurz Visits President Putin: "The situation in Syria is dramatic"

Austrian Chancellor Sebastian Kurz traveled to Moscow to meet Vladimir Putin. The focus of the trip was a working meeting with the Russian President, with whom Kurz discussed, among other things, the bilateral relations of both countries, the relationship between Russia and the EU, the Ukraine conflict and the current situation in Syria.

February 28, 2018

OMV Group Reports Operating Result of EUR 688 Mln in 2017

OMV AG is reporting group results for 2017. The operating result increased by 67% to EUR 688 mn. Net income attributable to stockholders amounted to EUR 367 mn. Data includes latest two acquisitions of a 24.99% share in the Yuzhno Russkoye natural gas field located in Western Siberia (see picture) and the purchase of 40% in SMATRICS, Austria’s complete provider for all services related to electro - mobility. See OMV Group Report January – December and Q4 2017 including condensed consolidated financial statements as of December 31, 2017 and Investor Relations Video below.

February 21, 2018

Schoeller Bleckmann Oilfield Preliminary Result for 2017

The 2017 financial year of Schoeller-Bleckmann Oilfield Equipment AG (SBO), listed on the ATX market of the Vienna Stock Exchange, was characterised by the upswing seen in North America. The strategic expansion of the Well Completion business the year before therefore turned out to be the perfect choice to make. Against the continued weak market environment internationally, SBO closed financial year 2017 on a clearly positive operating result.

January 16, 2018

Oil Price Hardly Matters for Russian Country Risk

The oil price decline has created headwinds for the Russian economy. However, the risk of doing business in Russia as determined not only by economic but also by political and structural factors has not changed substantially and there is therefore no evidence that the oil price decline had a significant impact on Russian country risk.

November 2, 2016

OSCE: "Reliable, Affordable and Sustainable Energy Supplies are Prerequisite for Stability and Security"

Energy experts from the OSCE Mediterranean Partners for Co-operation, representing both government institutions and private sector companies, will begin a week-long field study of sustainable energy in Austria and Germany.

July 12, 2016

OPEC in Vienna Decides to Keep Production Unchanged

The Organization of the Petroleum Exporting Countries (OPEC) today hosted its 167th Meeting of the OPEC Conference at the OPEC Secretariat in Vienna. Participants included OPEC Heads of Delegation and the Secretary General. There were some expectations that the production goal of 30 million barrels a day could move higher. However, the key issue the market was looking for will remain at 30 million barrels a day.

June 5, 2015

OPEC Member Countries Discuss Global Petroleum Development Strategies in Vienna

The 6th OPEC International Seminar, with the theme "Petroleum - An Engine for Global Development", aims to build on the previous events from the past decade. It is currently taking place at the Imperial Hofburg Palace in Vienna. The Seminar intends to underpin OPEC’s commitment to stabilize the international oil market by promoting cooperation and dialogue with stakeholders around the world.

June 3, 2015

Update: OMV Appoints Outsider Rainer Seele as New CEO

The head of German oil and gas producer Wintershall is going to transfer to Austria’s listed oil and gas concern OMV as of 1 July 2015, taking the place of Gerhard Roiss as CEO. The incumbent CEO is going to leave the company on 30 June. Seele’s appointment as new helmsman of the Austrian firm was hailed as a "corner stone for the company”, by supervisory board head Rudolf Kemler during the press conference. Seele has been appointed for three years and his tenure may get extended by another two years. During his time in Wintershall he managed to raise production by over a half to 385,000 boe/d. Seele is a German citizen. He did not want to disclose his plans for OMV.

March 30, 2015

OMV Appoints Outsider Rainer Seele as New CEO

The Supervisory Board of OMV appointed Rainer Seele (54) as the new Chairman of the Executive Board and CEO of OMV. Rainer Seele has accepted the appointment. He will assume the position effective July 1, 2015 for a three-year period, with an extension option for OMV for further two years. The current Chairman of the Executive Board and CEO Gerhard Roiss will resign from his position on June 30, 2015 as previously announced.

March 27, 2015

Schoeller-Bleckmann Oilfield Equipment AG / Sound result 2014 - High profitability in a volatile environment - Proposed dividend EUR 1.50 per share

Schoeller-Bleckmann Oilfield Equipment AG (SBO), generated sound results with high profitability in the 2014 financial year. Consolidated sales rose by 6.6%, to MEUR 488.6 (2013: MEUR 458.6). EBITDA grew by 9.3%, to MEUR 149.3 (2013: MEUR 136.5) and earnings before interest and taxes (EBIT) before one-off effects went up by 9.2%, to MEUR 106.7 (2013: MEUR 97.7). The EBITDA margin was 30.6% (2013: 29.8%), the EBIT margin before one-off effects was 21.8% (2013: 21.3%).

March 19, 2015

OMV Aktiengesellschaft / Announcement pursuant to section 82 para 9 Austrian Stock Exchange Act

OMV Aktiengesellschaft ("OMV" or "Company") intends to transfer treasury shares to members of the Executive Board and senior executives as well as potentials of OMV under the (i) Long Term Incentive Plan (LTIP) 2012 and the (ii) Matching Share Plan (MSP) 2014, based on the resolution of OMV's Supervisory Board of March 18, 2015 and the report pursuant to section 65 para 1b in conjunction with sections 171 para 1 and 153 para 4 Stock Corporation Act which was published on February 26, 2015.

March 18, 2015

OMV's Gerhard Roiss Resigns from his Position as Chairman and CEO

Tonight, the Supervisory Board of OMV AG and Gerhard Roiss have agreed that Mr. Roiss resigns from his position as Chairman of the Executive Board and CEO as of June 30, 2015. The chief executive is to step down two years earlier than expected. Also the energy group’s management team will be overhauled.

October 14, 2014

Dispute at OMV Supervisory Board

Listed oil and gas group OMV and the state holding ÖIAG are involved in a dispute concerning a new executive board member of OMV. A decision is expected during the supervisory board meeting slated for Tuesday.

October 13, 2014

OMV Executive Board Members Roiss and Floren have to Leave

Bang at Austria's largest industrial conglomerate. The contracts of OMV CEO Gerhard Roiss and fellow board member Hans-Peter Floren are apparently terminated prematurely.

October 9, 2014

Italian SNAM to Acquire TAG Gas Pipeline for EUR 505 Mln

The Italian gas pipeline operator SNAM is going to buy the alpine Trans-Austria-Gasleitung GmbH (TAG), a pipeline running through Austria and the Alps. The price of the pipeline stretch amounts to EUR 505 million, Italian media reports. Austria’s listed oil and gas group OMV holds an 11-percent stake in TAG.

September 15, 2014

Ederer Resigns as Supervisory Board Member of OIAG

Brigitte Ederer resigns as supervisory board member and leaves state holding company OIAG.

September 9, 2014

Voestalpine to Supply Linepipe Plates for the Second South Stream Pipeline

This year sees the voestalpine Group securing its third major contract in the pipeline business. Following the first, now completed, contract for the Russian-European pipeline project South Stream, and for Rota 3, a pipeline project in Brazil, voestalpine will deliver 120,000 tons of sour-gas-resistant, high-strength linepipe plates for the second South Stream pipeline by spring 2015. The South Stream contract is not affected by sanctions. Further negotiations are also currently underway concerning extremely challenging pipeline projects.

September 5, 2014

Hydrogen: OMV to Invest EUR 20 Mln in Key Technology

OMV is currently conducting intensive research on hydrogen as alternative fuel. According to CEO Gerhard Roiss hydrogen is already part of OMV’s everyday business. The group earmarkes around EUR 20 mln for hydrogen projects.

August 4, 2014

OMV Petrom Finalizes Modernization of Petrobrazi Refinery

OMV Petrom, the largest oil and gas producer in South-Eastern Europe, has announced the successful finalization of the modernization process of Petrobrazi refinery, performed during 2010-2014. Total investment in the modernization process amounted to around EUR 600 mln. The main target of the investment program was to increase competitiveness. OMV Petrom is now able to process the entire Romanian crude production of OMV Petrom in a single refinery.

July 24, 2014

Siegfried Wolf New OIAG Supervisory Board Chairman

OIAG's supervisory board has appointed Siegfried Wolf as the new Chairman of the supervisory board.

June 27, 2014

Analysis: The South Stream Gas Pipeline

Due to the signing of the South Stream agreement between OMV and Gazprom for the Austrian part of the pipeline during Putin's visit to Vienna, we take a look at the background of the project.

June 25, 2014

OMV to Invest EUR 500 Mio in Tunisia

The Nawara project underlines Tunisia’s significant role in OMV’s portfolio and it is a decisive stage of the key Nawara gas field development project.

May 30, 2014

High Potential for Austrian Investments in Moldova

Austria is one of the most active countries in the CESEE region ranking first in foreign direct investments (FDI) in many countries.

May 22, 2014 · Updated: May 22, 2014; 13:05

Gas Deal: China to Invest $22Bln, Russia to Invest $55Bln

Russia’s overall investment on delivering gas to China is $55 billion and China’s investment is estimated at around $22 billion according to a contract signed by the two countries in Shanghai, Russian President Vladimir Putin said Wednesday.

May 21, 2014

OMV to Receive Further Gas Discounts by Gazprom

As reported by Austrian daily “WirtschaftsBlatt” (Thursday issue), Austrian oil company OMV will soon sign a deal with Russian state-controlled Gazprom.

May 14, 2014

OMV Aktiengesellschaft - Quarterly Report

OMV Aktiengesellschaft is declaring the following financial reports below.

May 13, 2014

MOL Group Acquires 208 Filling Stations in Three CEE Countries

MOL Group’s retail network grows to almost 2,000 service stations across 11 countries. The Group’s market presence expands significantly in the Czech Republic, Slovakia and Romania. Retail network expansion further strengthens MOL Group’s role in CEE.

May 9, 2014

MOL: Oil Supply to Hungary not Endangered

According to Hungarian oil and gas enterprise MOL, the supply to Hungary is not endangered by the delivery stop of Russian oild products passing through Ukraine.

May 9, 2014