Region: Europe Category: Oil and Gas Frequency: Every Thursday
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About: EurOil analyses key trends such as the influx of private equity into the North Sea and how it is shaping the basin's future. The monitor also provides key insight on major trends such as decommissioning and the development of frontier regions like West of Shetland. Midstream developments also take prominence, with deep analysis of the region's gas needs and how they will be met in the future.
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Turkey simply relabels Russian oil products and exports them to Europe, research indicates
Country appears to have quite brazenly emerged as a strategic pitstop for fuel products from Russia rerouted to the EU.
Romania’s Romgaz prepares €1.5bn MTN scheme to finance Neptun Deep offshore project
Romania’s natural gas company Romgaz, with Rothschild as its adviser, has hired JP Morgan to lead a consortium of banks that will handle the sale of bonds on the foreign market under an MTN scheme intended to finance Neptun Deep offshore project.
Equinor, Petoro make value-neutral asset swap off Norway
Equinor has reached an agreement on a value-neutral asset swap with fellow state-owned Norwegian player Petoro, stating the deal would simplify commercial dealings, cut costs and allow projects to be developed faster.
Norway launches latest APA licensing round
Norway has launched its latest award in pre-defined areas (APA) licensing round, offering operators exploration prospects in the Norwegian Sea and the Barents Sea.
Hungary’s MOL inaugurates €1.3bn polyol plant
European election results could spell further backtracking on climate policy
Results from the European Parliament elections next month could have major implications for the EU Green Deal and other climate policy, with far-right politicians expected to win more seats.
Turkish, Greek leaders meet and plan to improve relations
Turkey’s President Recep Tayyip Erdogan on 12 May welcomed the prime minister of neighbouring Greece, Kyriakos Mitsotakis, to Ankara.
Russian attacks deter European gas traders from Ukrainian gas storage
European gas market analysts are intensively monitoring Ukrainian energy storage amidst ongoing attacks on infrastructure by Russia and less attractive financial spreads compared to the previous year.
Naturgy says gas supply contracts with Algeria unaffected by shareholding sales
Spanish natural gas firm Naturgy said supply contracts with Algeria include no clauses that would be affected by changes to its shareholding structure, amid talks with Abu Dhabi energy firm TAQA of a potential full takeover of Naturgy.
Serbia inks €2.7bn energy deals with Chinese firms
Serbian Minister of Mining and Energy Dubravka Djedovic Handanovic announced on May 9 that two major deals, with a total value of around €2.7bn, were signed during Chinese President Xi Jinping’s visit to Serbia earlier this week.
Estonian government puts new oil shale mining permit procedures on hold until end of 2025
The Estonian government has approved amendments to the Earth's Crust Act, suspending the procedures for new oil shale mining permits until the end of 2025, when the Climate Act will be drafted.
EU turning a blind eye to Russian LNG flowing through its terminals
Europe has been turning a blind eye to a fifth of Russia’s LNG output that is flowing through EU ports, either to be consumed by member states or sent on to customers around the world, in what is a lucrative trade for the Kremlin.
MOL Q1 earnings report misses target
Clean Ebitda of Hungarian oil and gas giant MOL edged up 1% to $718mn in Q1, but fell 27% on a quarterly basis as lower gas prices in upstream and government levies booked in the first quarter weighed. MOL left its 2024 guidance unchanged.
BSOG goes ahead with 3GW offshore wind project in Romania’s Black Sea
BSOG, which launched natural gas extraction in Midia perimeter in Romania’s shallow Black Sea waters (MGD Project), decided to go ahead with its offshore wind project in the same place after completing the feasibility study.
Turkey signs LNG deal with US supermajor ExxonMobil placing question mark over Russian gas supplies
Ankara has ambition to make country an energy supply powerhouse based on re-exports.
Cyprus seeks timetable from Chevron for Aphrodite development, talks with Eni move ahead
Cyprus expects to launch offshore gas production in 2027. Whether that will be from Aphrodite or another field is unclear.
EU proposes sanctions on trans-shipment of Russian LNG
The European Union is considering placing its first sanctions on Russian LNG.
What do EU methane rules mean for global gas suppliers?
There is particular complexity in how the rules will be applied for US LNG exports, as exporters often do not produce the gas that they supply globally, and lack the data on emissions upstream.
UK, Scottish authorities urged to do more to prevent Grangemouth closure
The UK and Scottish governments face growing calls to do more to prevent the closure of Scotland’s only oil refinery in Grangemouth.
Shell profits beat forecasts in Q1 on strong LNG, oil trading performance
Profits at Shell came in better than expected in the first quarter, on the back of strong performance at its LNG and oil product businesses.
UK offers up 31 more oil, gas licences
The UK’s North Sea Transition Authority has offered up a further 31 oil and gas licences as part of its 33rd licensing round
Denmark's Tyra field faces delays
It will take until the fourth quarter of this year for Denmark’s largest gas field to return to peak production, instead of mid-year as previously planned.
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