EurOil - Europe Oil & Gas

UK unveils $253mn investment in Scottish refining site

UK Prime Minister Sir Keir Starmer has announced a GBP200mn ($253mn) investment in Scotland’s Grangemouth industrial site.

Poll shows more widespread for oil and gas in Scotland

Public support for oil and gas production in Scotland is far more widespread and less polarised than commonly perceived.

Global LNG demand to surge 60% by 2040 on Asian economic growth

Global demand for LNG is expected to rise by around 60% by 2040, driven by economic growth in Asia, emissions reductions in heavy industry and transport and the increasing energy requirements of AI.

Saipem, Subsea7 announce $4.9bn merger

Italian energy services firm Saipem and Norwegian offshore contractor Subsea7 have agreed on key terms for a potential merger valued at $4.9bn, creating a new entity, Saipem7, with a combined project backlog of over $45bn.

EnergyPathways reports further progress on MESH gas, hydrogen storage project

London-listed EnergyPathways reported on February 24 another step forward in its plans to establish an integrated natural gas and hydrogen storage project in the UK’s East Irish Sea.

Cyprus sees progress in development of offshore gas resources

In recent weeks several agreements and understandings have been reached between the Republic of Cyprus and the parties involved in the development of its offshore gas fields.

INTERVIEW: Integrating AI with data and experience

AI is rapidly gaining traction in the oil, gas, and renewable energy sectors, as companies seek cost reductions, emissions control and safety improvements.

EU expands oil and gas sanctions in 16th package

The EU has imposed additional measures against Russia’s oil and gas industry as part of its 16th sanctions package, while stopping short of any further restrictions on the bloc’s purchase of Russian LNG.

EU paid four times more for Russian LNG in Q4 2024 versus Q1 2021

The cost of importing Russian LNG into the EU has increased nearly fourfold compared to 2021 levels, driven by rising supply volumes and higher prices.

EU spending on Russian oil and gas surpasses Ukrainian aid

Despite various sanctions, Russia's global fossil fuel export revenues reached €242bn in the third year of the invasion.

Serbia rules out nationalisation of NIS ahead of talks with US

Serbia has firmly ruled out the possibility of nationalising its sole oil company, NIS, as the country prepares for final discussions with the United States over the impending sanctions on the company.

NATO to reportedly build jet fuel pipeline from Germany to Poland and Czechia

NATO is reportedly to build a pipeline system from Germany to Poland and Czechia, German weekly Der Spiegel reported, referring to an internal memo from the German army, the Bundeswehr.

Turkey confirms it expects 1.3 bcm of Turkmen gas flows by end-2025

Country continues to push its ambition to become a gas re-export hub, but if sanctions on Russia are lifted amid a deal on Ukraine, that hope could fall apart.

Kazakhstan’s oil exports via CPC pipeline revised upward despite previous capacity decline comment

Kazakhstan’s CPC Blend oil exports from the Black Sea have reportedly been revised upward to 1.67mn barrels per day (bpd) in February, an increase from 1.42mn bpd stated in an earlier schedule, reflecting higher output from Kazakh oilfields.

Leviathan partners submit updated field production plan

The partners in Israel’s Leviathan gas field this week submitted an updated development plan for the offshore asset to the country’s Ministry of Energy.

Iraq announces impending resumption of oil exports from Kurdish region via Turkey’s Ceyhan port

Iraq’s oil ministry announced on February 23 the impending resumption of oil exports from northern Iraq's semi-autonomous Kurdish region.

MOL slightly misses Q4 targets but keeps full-year earnings targets amid challenging year

The clean EBITDA of Hungarian oil giant MOL fell by just $21mn to $3.07bn, while net profit declined from $1.48bn in 2023 to $1.02bn last year, according to the company’s earnings report.

North Macedonia eyes role as key transit hub for US gas to Europe

North Macedonia’s right-wing Prime Minister Hristijan Mickoski said that the country could become a vital transit route for US natural gas to Europe, offering an alternative to Russian supplies.

Serbian energy sector faces crisis as banks set to close NIS accounts

Foreign banks will halt transactions with NIS before US sanctions take effect on February 28, which could effectively paralyse the oil company’s operations.

Hungarian MOL Group ready to double oil supply to Serbia

Putin claims Ukrainian drone strike on CPC coordinated with West, Lavrov calls it attack on Kazakh oil infastructure

Russian President Vladimir Putin claimed on February 19 that the Ukrainian drone attack two days earlier on a Caspian Pipeline Consortium (CPC) pumping station in southern Russia could have been coordinated with Western allies.

OMV Petrom begins construction of €750mn sustainable fuels unit at Petrobrazi refinery

OMV Petrom (BVB: SNP), Southeast Europe’s largest integrated energy producer, has started construction on new facilities at its Petrobrazi refinery to produce sustainable aviation fuel (SAF) and biodiesel (hydrotreated vegetable oil, HVO).

Brazil set to join OPEC+ but says it will opt out of cartel's output cuts

Brazil has approved joining OPEC+, marking the country's emergence as a major oil producer just months before it hosts the UN climate conference.

Serbia claims sufficient funds to purchase NIS amid US sanctions

Serbia's National Bank (NBS) stated on February 19 that the country has enough funds to buy out the Russian-owned Oil Industry of Serbia (NIS), which is now under threat of US sanctions.

Bulgaria allows NewMed Energy to get 50% of OMV Petrom’s stake in Han Asparuh block

Terna begins work on Greece-North Macedonia gas interconnector

Greek construction firm Terna launched preliminary work on the Greek section of the North Macedonia-Greece natural gas pipeline, marking a significant step in regional energy interconnectivity.

EU to consider investing in foreign LNG projects to combat high energy prices

The European Union is mulling making financial investments in foreign-based LNG facilities amid a push to secure more reliable suppliers of the super-chilled fuel and thereby lower energy prices.

Russia remained largest oil exporter to Czechia in 2024, despite falling volumes of imported crude

Russia remained the largest oil exporter to Czechia in 2024, sending 2.7mn tonnes of oil, or 42% of the overall imports to the country.

Eni, TotalEnergies strike deal to pipe Cypriot gas to Egypt

Italy’s Eni and France’s TotalEnergies, partners in Cyprus’ offshore Block 6, have signed a host government agreement with Egypt and Cyprus for the development of the site’s gas resources.

EU faces pressure to relax gas storage requirements

At current prices, it might cost the EU €31bn ($32bn) to meet its storage targets.

TotalEnergies, Air Liquide strike deal on green hydrogen projects to decarbonise refineries

TotalEnergies has signed agreements with industrial gas supplier Air Liquide to develop two green hydrogen projects in the Netherlands, aimed at reducing emissions from its refineries in Belgium and the Netherlands by up to 450,000 tonnes per year.

Serinus wins legal dispute in Romania

Romania to extend price caps for electricity, natural gas

Romania will extend the price cap on electricity and natural gas, as well as the compensation scheme, the country’s Energy Minister Sebastian Burduja said as quoted by Romania Insider news outlet.