European oil production is limited to the Vienna Basin and small areas of the Mediterranean
and Adriatic Seas along with adjacent onshore areas. Output has been declining since 1988. This decline will
continue despite new initiatives to promote exploitation of smaller
fields and some modest deep water success.
Gas production peaked in 1995 but, after years of decline is increasing
once more as new areas are exploited, especially on and offshore Italy
and offshore Croatia. Total gas output is expected to peak again around
Oil demand growth has been reversed by higher prices, the
2008/2009 recession, and the influence of environmental concerns.
Imports will flatten off due to price-led demand drops.
After a flat period gas demand growth will continue in southern Europe.
Imports are expected to progressively increase from all gas producing
areas surrounding Southern Europe from 2010 but particularly from North