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Germanys Oil Output Down 5.4, Gas Output Stable in 2021

FRANKFURT, March 30 (Reuters) – Germany’s domestic oil production fell 5.4% to 1.8 million tonnes in 2021 while gas output was stable at 5.2 billion cubic metres (bcm), industry association BVEG said on Wednesday.

BVEG’s 78 member firms include producers Neptune Energy, Vermilion Energy, Wintershall-DEA (WINT.UL) and BEB, a joint venture of ExxonMobil and Shell.

Production of oil in Germany peaked in the 1960s while gas peaked in the 1990s.

Reserves have fallen continuously, and the country is overwhelmingly dependent on imports, exposing it to supply politics by Russia.

The companies achieved a turnover of 1.9 billion euros ($2.11 billion) from their German activities, up from 1.1 billion a year earlier, reflecting higher prices.

BVEG Managing Director Ludwig Moehring said domestic gas and oil output should be maximised while imports of liquefied natural gas (LNG) should be stepped up.

Hydrocarbons have a role to play in the ongoing transition to greater reliance on electricity and carbon-free hydrogen for industry, heat and transport.

Germany has 23.3 billion cubic metres of underground gas storage holding about 30% of annual demand.

At the global level, that capacity puts it in fourth place behind the United States, Russia and Ukraine.

Here are key figures from BVEG’s annual report.

FRANKFURT, March 30 (Reuters) – Germany’s domestic oil production fell 5.4% to 1.8 million tonnes in 2021 while gas output was stable at 5.2 billion cubic metres (bcm), industry association BVEG said on Wednesday.

BVEG’s 78 member firms include producers Neptune Energy, Vermilion Energy, Wintershall-DEA (WINT.UL) and BEB, a joint venture of ExxonMobil and Shell.

Production of oil in Germany peaked in the 1960s while gas peaked in the 1990s.

Reserves have fallen continuously, and the country is overwhelmingly dependent on imports, exposing it to supply politics by Russia.

The companies achieved a turnover of 1.9 billion euros ($2.11 billion) from their German activities, up from 1.1 billion a year earlier, reflecting higher prices.

BVEG Managing Director Ludwig Moehring said domestic gas and oil output should be maximised while imports of liquefied natural gas (LNG) should be stepped up.

Hydrocarbons have a role to play in the ongoing transition to greater reliance on electricity and carbon-free hydrogen for industry, heat and transport.

Germany has 23.3 billion cubic metres of underground gas storage holding about 30% of annual demand.

At the global level, that capacity puts it in fourth place behind the United States, Russia and Ukraine.

Here are key figures from BVEG’s annual report.

($1 = 0.8986 euros)

Reporting by Vera Eckert; editing by Miranda Murray and Jason Neely

Source: Reuters