Until the last drop – Optimal recovery of European oil and gas for security of supply

Speakers: Jean-Arnold Vinois (Head of Unit Energy Policy & Security of Supply, DG TREN) and Beate Raabe (Director EU Affairs, OGP Europe)

This event is relevant to the Second Strategic Energy Review currently before the European Parliament. The dinner debate will address European oil and gas production in the context of security of supply in the EU.

Oil and gas production in the EU and Norway currently meet 32% of oil demand and 58% of the need for gas. The EEA is the fourth largest oil and gas producer in the world after Russia, the US and Saudi Arabia.

Yet European reserves and production are in decline. However, the rate of that decline can be slowed or accelerated subject to a number of factors, including technology development, production and operating costs, fiscal policy and the legislative and regulatory framework.

The conclusions drawn from a study undertaken by OGP in eight Member States and Norway, and a workshop with representatives of Member States, the Commission and industry in spring 2008 will be discussed.

Dinner debate topics will address and stimulate discussion on key questions, such as:
• How much oil and gas is really left in Europe? 
• Can these volumes make a significant contribution to security of supply in the EU? 
• What would it take to ensure the optimal recovery of European oil and gas resources?