Austria's Oil Industry: What's The Status?

Austria is highly dependent on oil imports to sustain its consumption levels. As of 2016, the country held 45,400,000 barrels of proven oil reserves, ranking 77th in the world. However, this amount is less than the country's oil consumption in a single year, with Austria consuming 262,352 barrels of oil per day in 2016. To meet its energy needs, Austria relies on imported oil, with imported oil accounting for 35.4% of energy consumed in 2022. The country is also exploring renewable energy sources, with a goal of achieving 100% renewable electricity by 2030.

Austria's oil reserves

The country's oil production is centred on the Matzen oil field, with other significant reserves located in the Vienna Basin and the North Alpine Foreland Basin. Austria's oil industry dates back to 1914, when the first commercially successful oil well was drilled in what is now Slovakia. However, it was not until the 1930s that two corporate businesses, Erdölproduktionsgesellschaft m.b.H. (EPG) and Rohölgewinnungs AG (RAG), took over industrial production.

In recent years, Austria has taken steps to diversify its energy sources and reduce its dependence on oil imports. In 2022, oil accounted for 35% of the country's gross domestic consumption, while renewable energy sources contributed 31.6%.

Oil consumption

Austria's oil consumption has remained relatively stable over the past few years, with minor fluctuations. As of 2024, Austria's oil consumption is at 11.22 million, unchanged from the previous year.

Looking back at the data from 2016, Austria consumed 262,352 barrels of oil per day, ranking 46th in the world for oil consumption. This accounted for about 0.3% of the world's total consumption. In 2016, Austria's oil consumption was slightly lower, at 261,000 barrels per day, according to the U.S. Energy Information Administration.

Austria's oil consumption is closely tied to its energy plans and targets. The country is highly dependent on imported oil to sustain its consumption levels, with imported oil accounting for 35.4% of energy consumed in 2022. In 2016, Austria imported 56% of its oil consumption, which amounted to 147,702 barrels per day.

To reduce this reliance on imported oil, Austria has set ambitious targets for renewable energy sources. The Austrian energy plan made in 2020 includes goals such as carbon neutrality by 2040, phasing out oil and coal heating systems by 2035, and restricting gas heating systems in new builds from 2025. The country aims to achieve 100% renewable electricity by 2030, with a focus on hydro, wind, and solar power.

Oil production

Austria produces 29,415.20 barrels of oil per day as of 2016, ranking 74th in the world for oil production. The country holds 45,400,000 barrels of proven oil reserves as of 2016, ranking 77th globally and accounting for about 0.0% of the world's total oil reserves.

Austria's total oil reserves are less than the amount consumed in a single year, making the country highly dependent on oil imports. In 2016, Austria imported 56% of its oil consumption, or 147,702 barrels per day. The country's oil consumption that year was 95,758,648 barrels, or 262,352 barrels per day, ranking 46th in the world. This amount of daily consumption is equivalent to 1.26 gallons of oil per capita, or 460 gallons per capita per year (11 barrels).

Austria's largest energy business is OMV AG, a multinational integrated oil, gas, and petrochemical company with a turnover of €36 billion in 2021. The country is, however, very reliant on hydropower as an energy source, supported by imported oil and natural gas supplies. In 2022, imported oil accounted for 35.4% of energy consumed in Austria, while gas accounted for 16.8%.

Oil imports

Austria is highly dependent on oil imports to sustain its consumption levels. In 2016, the country imported 56% of its oil consumption, which amounted to 147,702 barrels per day. This reliance on imported oil has made Austria vulnerable to disruptions in the global oil market, as demonstrated by the halt in Russian oil supplies to the country in 2024.

To contextualise Austria's oil imports, it is worth noting that the country holds 45,400,000 barrels of proven oil reserves, ranking 77th in the world. However, these reserves are insufficient to meet even a single year of consumption, with total consumption exceeding 95 million barrels in 2016. This disparity between domestic reserves and consumption underscores Austria's heavy reliance on oil imports.

Austria's energy landscape is characterised by a diverse range of sources, including hydro, wind, solar, and natural gas. In recent years, the country has made significant strides towards renewable energy. The Austrian energy plan formulated in 2020 set ambitious targets, including carbon neutrality by 2040, phasing out oil and coal heating systems by 2035, and achieving 100% renewable electricity by 2030.

Despite these efforts, oil continues to play a significant role in Austria's energy mix. In 2022, imported oil accounted for 35.4% of the country's total energy consumption. This reliance on oil imports has strategic and economic implications for Austria, highlighting the importance of secure supply chains and stable international relations.

To meet its energy demands, Austria has established relationships with various oil-producing regions. However, the dynamic nature of the global energy market and geopolitical tensions can impact the reliability of these imports, as illustrated by the disruption in Russian oil supplies. As Austria navigates its energy transition, managing this import dependence while ensuring energy security and aligning with sustainability goals will be a key challenge.

Energy plans

Austria has some oil reserves, but it is highly dependent on oil imports to sustain its consumption levels. As of 2016, the country held 45.4 million barrels of proven oil reserves, ranking 77th in the world. However, this amount is less than the country's consumption in a single year, which was 95.75 million barrels in 2016.

To address this reliance on oil imports, Austria has set ambitious energy targets. The Austrian energy plan made in 2020 includes the following key goals:

• Carbon neutrality by 2040 at the latest.
• Phasing out all oil and coal heating systems by 2035.
• Restricting gas heating systems in new builds from 2025.
• Developing renewable hydrogen.
• Phasing out coal usage in industry.
• Increasing electricity capacity and achieving carbon-neutral electricity by 2030.
• Installing 1 million solar systems on private houses by 2030.
• Adjusting the tax system to favour green developments.

In 2021, Austria passed the Renewable-Expansion-Act (EAG), stipulating a goal of 100% renewable electricity by 2030. This means that 27 TWh of renewable power needs to be added by that year. To meet this target, an additional 10.5 GW of solar PV capacity will be required between 2022 and 2030.

Austria is also focusing on other renewable energy sources, such as wind and hydropower. Some states have plans to double wind power capacity by 2030, and the country already has over 3,000 hydro energy plans in operation. In 2021, hydropower accounted for 54% of Austria's total installed power generation capacity and 58% of total power generation. However, hydropower generation has been impacted by water shortages due to climate change.

Frequently asked questions