RAG is Austria’s oldest established exploration, production and gas storage company. Our core areas of business are oil and natural gas exploration, production and trading, and gas storage. Drilling operations and other services closely related to our core business – as well as projects focused on renewables such as geothermal energy – complete RAG’s portfolio of activities. Core business operations are focused on Austria and other European countries, and RAG’s technology is marketed worldwide.
Our goal is to provide our customers with safe, efficient, environmentally friendly and affordable energy and gas storage services – sustainably and responsibly. We aim to maintain a high level of technical and economic performance and bolster our competitive position over the long term by means of innovation.
A joint venture between RAG, Gazprom and Wingas operates the Haidach gas storage facility, and another, with Uniper, runs the 7Fields storage facility. Both facilities straddle the border between the provinces of Salzburg and Upper Austria. Through its own storage capacity and its activities as an operator, RAG makes a major contribution to security of supply in Austria and in Central Europe as a whole, with a working gas volume of around 6 billion cubic metres.
Since it was established RAG has produced around 16 million tonnes of crude oil and 26 billion cubic metres of natural gas.
RAG focused on oil exploration and production until the 1950s, when it also began producing natural gas. We built gas infrastructure in the 1970s and 1980s, whilst developing large gas reserves in Upper Austria. We moved into gas storage in the mid-1990s, and this has since become a large, consistently profitable part of our business, with a bright future. After converting about 50 percent of our depleted gas reservoirs into storage facilities, RAG has become Europe’s fourth largest storage operator.
Increasingly, we are able to support clients in other countries by offering them the technical know-how we have built up over decades, for example through our RAG Energy Drilling and Technology Sales & Services business units.
The cornerstones of RAG’s success have always been technological innovation, high levels of expertise across all core operations, an enthusiastic workforce that identifies strongly with the company, and a solid ownership structure. We believe that these will continue to be key strengths.
The global energy sector is going through a period of radical transformation. Renewable energy use has taken on added significance in recent years, and has become a vital consideration in energy policy worldwide, including as part of the agreement signed at the Climate Change Conference in Paris in 2015. Nevertheless, we are convinced that oil, natural gas and gas storage will remain crucial to energy supplies for a long time to come.
Despite being a conventional energy company, we believe that we have a major role to play as a standby for renewables. The challenges of making solar and wind power economical and of balancing out seasonal demand variations can only be mastered by storing large quantities of energy – and that means gas storage. We are meeting these challenges with a number of power to gas research projects, as well as initiatives to boost efficiency at our production activities and in the operation of our facilities.
RAG will continue to make a major contribution to Austrian energy supplies and storage, as it has throughout its history, and to fulfil its economic function. This includes observing strict safety standards, and implementing projects in close consultation with landowners, residents, public authorities, customers and employees.
Our mission is to use the natural resources entrusted to us carefully and responsibly, to the benefit of society.