CEO Roiss: "Gas and Oil Remain the Core Business"

Nothing will change in the long term for OMV’s key productsg, says Roiss, even though the path of renewable energies "has already been taken". Oil and gas currently represent 61% of the revenue in the European energy sector, and it will still be over 50% in 2020.

Gas is still a growth segment, a factor related to Germany getting out of nuclear energy. The realization of the Nabucco project, which provides for a gas pipeline from the Caspian region to Austria, is also essential. There have also been talks with the Turkish President Gül during his state visit.

Precisely what gas reserves can be connected has not been established yet. According to Roiss there are possible sources in Iraq, Turkmenistan and Azerbaijan. Roiss explicitly did not want to rule out Iran.

Important shale gas reserves as were recently reported in Poland had a larger fund, are also to be found in Austria and Romania. But it would need another five to ten years to open a market. In addition, production in Europe is much more difficult than in the U.S.