Germany Oil, Gas Output Falls 3 Percent
Germany produced 10.3 million tons of oil and 26.1 billion cubic meters of gas in 2018, both down 3% year-on-year, industry association BVEG data showed on Tuesday.
Producers of hydrocarbons in Germany include DEA, Neptune Energy, Vermilion Energy, Wintershall and a joint venture of ExxonMobil and Royal Dutch Shell, Reuters reported.
Member firms of BVEG, which is based in Hanover, had turnover of 1.7 billion euros in Germany last year, the same as a year earlier, it said in its annual report.
German production accounted for about 7.2% of domestic gas needs last year, the report showed.
BVEG Managing Director Ludwig Moehring said there was potential to produce more gas from domestic reserves to fill the gap as Germany phases out coal-fired power stations and shifts to renewables.
Germany has 21.4 billion cubic meters of underground gas storage capacity, roughly a quarter of total supply to the market which was 86 bcm last year.
source: Financial Tribune
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