According to OMV CEO Alfred Stern, why do EU import restrictions on gas threaten Europe's energy security?

Alfred Stern stated that Europe is threatening its own energy security by implementing import policies that reduce the pool of potential gas suppliers; he emphasized that Europe cannot afford to exclude supply sources—especially while facing declining domestic production and sanctions on Russian gas and LNG—because doing so leaves fewer suppliers with greater pricing power, making long-term supply contracts more difficult. He summarized this risk by saying, 'We are increasingly limiting where gas can be obtained. You don’t need a Nobel Prize in economics to understand the consequences.'

What does OMV CEO Alfred Stern identify as the main strategy to close its projected production gap of 70,000 barrels of oil equivalent per day by 2030?

Stern stated that fully closing OMV’s projected production gap of about 70,000 barrels of oil equivalent per day by 2030 will require acquisitions—not exploration—with a focus on producing assets in Europe, preferably within its existing core regions, while also seeing long-term potential in the Black Sea; although Romania’s Neptun Deep Black Sea project will help, it will not fully offset declining output elsewhere.

OMV CEO Says Europe Risks Energy Security on Import Restrictions

Jul 1, 2026

OMV CEO warns EU import restrictions threaten energy security by limiting gas suppliers. To close a 70,000 barrel daily production gap by 2030, OMV plans acquisitions over exploration to meet output targets.

bloomberg

2026-07-01

OMV CEO Says Europe Risks Energy Security on Import Restrictions

OMV CEO Says Europe Risks Energy Security on Import Restrictions

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