Pipelines, Storage & Power

Balance will return to European gas market in five years - OMV

Oversupply will not be a problem for the European gas market beyond 2017, according to Austria’s OMV.
By Tom Hoskyns 21 November 2012 0 14393

Oversupply will not be a problem for the European gas market beyond 2017, according to Austria’s OMV.

Speaking at the company’s European media summit on Wednesday, Hans-Peter Floren, OMV’s head of gas and power, said an increase in LNG imports, together with growing coal-fired power generation courtesy of the United States shale gas revolution, has resulted in an excess of gas flooding the European market.

However, the picture is about to change, said Floren.

“OMV expects that, in the years to come, the EU's indigenous production will go...