Peter-Vincent Schuld

Rising oil prices but also increased production have played into the hands of the British oil and gas company BP.
For the first quarter of 2018, the company made a profit of no less than 2.59 billion dollars, the company announced in London.

The gigantic profit figures far exceed the expectations of shareholders and stock market analysts.

For some time now, we have seen oil prices rise and with them the prices we pay at the pump for our fuels.
The countries within the Organization of Petroleum Producing Countries OPEC has production restrictions.

It is becoming increasingly clear that the role of fossil fuels in our economy is far from over.

The Austrian oil and gas company OMV, which also owns the Romanian oil company Petrom, signed a huge contract with ADNOC, the national oil company of Abu Dhabi, a few days ago.

It trades for a 20% stake in two offshore concessions in Abu Dhabi; the Satah Al Razboot concession with the associated satellite fields Bin Nasher and Al Bateel and the um Lulu concession.

The 40-year contract was signed by the CEOs of both companies in the presence of Austrian Chancellor Sebastian Kurz and Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan.

Chancellor Kurz called the contract a great success for both companies and an opportunity to deepen trade relations.
The Austrian state also benefits from the deal. It is a major shareholder of OMV.