Mega gas find in Wittau: Austria could achieve energy self-sufficient!

Mega gas find in Wittau: Austria could achieve energy self-sufficient!

In the Marchfeld, a groundbreaking natural gas find was discovered, which has been the largest of its kind in Austria for 40 years. According to oe24.at in Wittau, in the district of Gänserndorf, Austria from the dependency expensive Deage gas imports. OMV CEO Alfred Stern emphasizes that the potential of the new gas field is around 48 terawatt hours (TWH)-which corresponds to around 28 million barrel oil. The estimate indicates that the annual domestic gas promotion could increase by around 50 percent from 5 to 7.5 TWh.

The new gas field could significantly influence Austria's energy policy, in particular through conventional support without fracking. In order to begin the development, however, the OMV requires approval for a pipeline to the location in Aderklaa, 10 kilometers away. While the OMV wants to increase its domestic production, the dependence on Russian gas imports remains strong, as energynewsmagazine.at . According to Stern, there is currently no plan to change the deliveries of Gazprom, although the OMV diversified to ensure in an emergency that your customers can continue to be supplied with gas. The group has also signed a delivery contract for liquid gas with BP, which will enter into force from 2026 and comprises one million tons annually.

effects on profit development

Despite this positive development in the field of gas production, the OMV has to struggle with a slump in profits. The group turnover fell over a third compared to the previous year in the first half of the year. This decline is due to falling oil and gas prices that have dropped since the records as a result of the Ukraine conflict in 2022. In the first half of the year, the average price of brent oil was about $ 80, which corresponds to a decrease from a quarter compared to the previous year. At the same time, the gas price fell to less than 30 euros per megawatt hour, which is due to a secure supply. The Austrian gas stores are already 87 percent filled, while comparable conditions prevail in the other EU countries.