OMV Boosts Gas, Cuts Oil Burn

Austrian energy firm OMV will keep producing more gas and burning less oil, its latest sustainability report says. At the moment gas is 57% of its oil-equivalent barrels.

"We are increasing the proportion of gas in our total production and contributing to a significant reduction in CO2 emissions by replacing coal with gas as energy source. We refine oil into high-quality petrochemical products instead of burning it to generate energy," it says.

"More and more people need more and more energy. At the same time, the planet is getting warmer and warmer, making climate protection increasingly important. We are therefore transforming our business model step by step with the aim of reducing the carbon footprint of the company," it says.

"We see oil as a valuable raw material, which should not be burned. We see gas as well as hydrogen as enablers of the energy transition towards a low-carbon energy system. To achieve this, we draw on our strengths and use many levers to reduce the CO2 concentration in the atmosphere. With the help of new technologies, we are consistently reducing the CO2 emissions of our refineries and our oil and gas production."

OMV also said it is also exploring ways to store CO2 in underground storage facilities and to reuse CO2 as a raw material for chemical products and developing "economically viable hydrogen solutions for industry and mobility."