EurOil - Europe Oil & Gas
Hungary, Slovakia warn of fuel crises after Kyiv partially blocks Russian oil transit
The government in Kyiv has typically avoided imposing sanctions on Russia that significantly hurt EU member states, though this would mark a rare precedent.
Labour yet to clarify North Sea oil and gas policies
The UK’s Labour government is yet to clarify its position on the future of the North Sea oil and gas industry, despite outlining a raft of new proposed legislation on expanding the country’s clean energy sector.
ExxonMobil, Shell exit Dutch North Sea
Shell and ExxonMobil have withdrawn from the Dutch North Sea, announcing a deal on July 19 to sell their NAM Offshore joint venture to Canadian independent Tenaz Enery for $180mn.
Vaar Energi's profit disappoints in Q2
Second-quarter profit disappointed expectations at Norwegian player Vaar Energi.
Parkmead wins licence for one of UK's largest undeveloped discoveries
London-listed independent Parkmead Group has obtained rights to UK offshore licence P2634 as part of the 33rd offshore licensing round, containing one of the country’s largest undeveloped discoveries.
Naturgy strikes Algerian gas deal, predicts strong results this year
Spanish energy group Naturgy announced on July 23 it had reached a deal with Algeria’s national oil and gas company Sonatrach setting prices for gas deliveries in 2024.
Transit of gas from Turkey to EU poses new round of complications
Turkey is keen to transship natural gas to Europe through its pipeline to neighbouring Bulgaria, but it does not agree with the EU request that it distinguish the gas that it imports from Russia from that which it would be sending to Europe.
MOL’s chief fumes over "temporary" windfall tax and criticises Viktor Orban's economic policy
MOL’s chief Zsolt Hernadi, an ally of Viktor Orban, strongly criticised the government’s windfall taxes, which were supposed to be phased out in 2023 but will be maintained for energy companies, retailers and banks in 2025.
UK to slap sanctions on 11 more Russian shadow oil tankers
The UK plans to slap sanctions on 11 more Russian-associated oil tankers, in a further effort to undermine the Kremlin’s export revenues.
Perenco boosts flow at UK's oldest offshore gas field
Perenco has finished a campaign installing velocity strings at five wells at the West Sole Charlie platform in the Southern North Sea.
Hungary faces energy crisis, after Ukraine cuts off Russian oil deliveries
Hungary's Foreign Minister Peter Szijjarto has warned that a durable solution is urgently needed following Ukraine's decision to cut off oil deliveries from Russia’s Lukoil, causing a significant disruption to Hungary's oil supply.
Chinese consortium pulls out of project to build Cyprus’ first LNG import terminal
China’s CPP-Metron Consortium (CMC) has walked away from its contract with the government of Cyprus to build what would be the country’s first LNG import terminal.
Weighing up impact of halt to Ukrainian gas transits
Rystad Energy considers the options for European countries that still rely on Russian gas in the event that Ukrainian transits are halted at the end of this year.
Saipem secures contract to monitor GreenStream gas pipeline connecting Libya and Italy
Italian energy infrastructure services firm Saipem has secured a multi-year contract to monitor the vital gas pipeline GreenStream connecting Libya and Italy.
Slovenia signs gas supply memo with Azerbaijan
Slovenia’s gas supplier Geopliin signed a memorandum of cooperation in gas supply with Azerbaijan’s state oil company SOCAR on July 17, SlovenianThe Ministry of the Environment, Climate and Energy announced.
Austria seeks to end gas supply contract with Russia
Austria’s Minister of Energy Leonore Gewessler formed a commission earlier this month to examine whether the country can annul a gas supply contract that is held by Austria OMV and Russia’s Gazprom.
BP: oil demand and emissions will peak in 2025
Oil super major BP's latest outlook on global energy trends suggests a potential peak in worldwide oil demand as early as next year, a development that could mark a significant turning point in global carbon emissions by 2025.
Russia increases LNG and piped gas exports to Europe in 1H24 despite sanctions
Russia increased its exports of liquefied natural gas by 9% (or 2bn cubic metres) and piped gas by 7% in the first half of 2024 y/y, according to a report by the International Energy Agency (IEA).
The evolution of EU gas imports vs declining indigenous production
In just two and a half years, the European Union's gas import landscape has undergone a dramatic transformation. Russia used to provide half of Europe’s gas but it has been sidelined and only supplies 15% today.
TotalEnergies warns of weaker Q2 refining margins, sets up EV joint venture
TotalEnergies reported on July 17 that it expected its second quarter income to come in at close to the upper end of its guidance range, but warned that its results for the three-month period would take a hit from slimmed refining margins.
Global oil supply to continue outstripping demand in H2: IEA
Global oil demand in the second half of this year will be higher than supply, putting upward pressure on prices.
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