OREANDA-NEWS. November 15, 2012. The international energy sector faces considerable upheaval in the coming two decades, according to the World Energy Outlook 2012 presented by the International Energy Agency (IEA) in Vienna today. Without a stronger joint European energy policy, it will not be possible to overcome the challenges ahead.  Austria and, in particular OMV, which is an important player in the energy industry, are on the right path.

"The United States is the most important driver of the global energy economy," says OMV CEO Gerhard Roiss, who underlined the IEA’s projections contained in the World Energy Outlook 2012. "The US is setting the most important course by rapidly expanding its oil and gas production. According to the IEA, the US will be a net exporter of both gas and oil by 2035."

In Europe, the current emphasis is on phasing out nuclear energy and pushing forward the growth of renewable energy. Irrespective of which scenario is applied, fossil fuels will continue to play an important role, with gas leading the way. "Natural gas is a flexible fuel that can be used to balance out fluctuations in renewable energy generation. It will therefore play the most important role in the transition towards alternative energy. Europe has to wake up and rapidly introduce environmental and economic policy measures," stressed OMV CEO, Gerhard Roiss.

According to Fatih Birol, Chief Economist of the IEA and author of the World Energy Outlook 2012, there is a great deal of potential in the area of energy efficiency. However, a more coordinated energy policy is required to be able to make optimal use of these opportunities. "Our analysis shows that two thirds of the efficiency improvements that are economically viable by 2035 will remain unexploited."