RAG Exploration & Production

Portrait

Two firms – one history

Rohöl-Aufsuchungs Aktiengesellschaft (RAG) – the company that pioneered oil production in Austria – split into two new entities, RAG Austria AG and RAG Exploration & Production GmbH, during the 2017/18 financial year. This set the organisational seal on a change process going back to the creation of the Exploration & Production (E&P) and Gas Storage and New Energy Technologies business areas in the 1990s.

While RAG Austria AG concentrates on developing and growing the group’s core gas storage business, as well as promising frontier energy storage technologies such as Underground Sun Storage and Underground Sun Conversion, RAG Exploration & Production GmbH brings together the mainstream E&P activities, which are to be beefed up and optimised in cooperation with partners in the industry.

This restructuring exercise is aimed at strengthening the two businesses so as to enable them to continue to make key contributions to the Austrian economy by underpinning sustainable raw material and energy supplies.

The history of RAG Exploration & Production GmbH goes back to 1935 when Rohöl-Aufsuchungs Aktiengesellschaft, the trailblazer of the Austrian oil industry, launched its exploration and production activities in Lower Austria. Thanks to innovative methods that have won it admirers all over the world, RAG’s domestic oil and gas exploration and production operations – its core business for decades now – have reached high levels of efficiency. Automation solutions and other technologies developed by RAG were crucial to its ability to survive periods of low oil prices.

Digitalisation, automation and a knack for thinking beyond oil’s traditional role as an energy source hold out a lot of potential for the future of this business, because oil is an indispensable raw material for large parts of the economy – especially the chemical industry, for which it remains a vital feedstock. It is an irreplaceable base material for over 90 percent of all chemical products, including plastics, detergents, cosmetics and fertilisers.

The company’s wide-ranging expertise, ability to innovate, and vision to be an industry trendsetter that spots and exploits new business opportunities quickly and effectively have long made it successful and fit for the future.

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