EurOil - Europe Oil & Gas

ADNOC seen as leading contender to buy Russia’s stake in NIS

Abu Dhabi National Oil Company (ADNOC) has emerged as the frontrunner to acquire Russia’s majority stake in Serbian oil company NIS, according to growing speculation in Serbian media.

UK extends sanctions waiver for Lukoil’s Bulgarian operations

The UK has broadened a sanctions exemption allowing transactions with Russian oil producer Lukoil’s operations in Bulgaria, adding two more subsidiaries to the licence.

Serbia says Russia in talks with three buyers for NIS stake

Russia is in talks with three potential buyers for its majority stake in Serbia’s oil group NIS, Serbia’s President said on November 20, adding that Belgrade expects progress on the issue by the end of the week.

Romania avoids taking over management of Lukoil refinery

Romanian authorities plan to draft framework legislation to facilitate the sale of Lukoil’s assets, including the Petrotel refinery. Initially, Romania planned to take over temporarily the management of the refinery.

Lukoil threatens Bulgaria with legal action over seizure of Burgas refinery

Lukoil said it reserves the right to seek legal protection of its interests in Bulgaria after Sofia appointed a special manager to oversee the company’s local operations.

Russia agrees to sell stake in Serbian oil firm NIS

The Russian owners of Serbia’s oil company NIS have agreed to sell their 56.15% stake and are in talks with a potential buyer, as Belgrade races to meet US demands for a full Russian exit from the company.

Czechia could receive shipments of Ukrainian oil via Druzhba

Czechia could receive shipments of Ukrainian oil via the Druzhba pipeline, Czech Radio reported, referring to ongoing talks between the Czech, Polish, Slovak and Ukrainian sides.

China’s Yangchang Petroleum purchases crude from UAE and Kazakhstan after halting Russian oil imports

US super-majors circle around Lukoil’s assets in Kazakhstan and Iraq

Exxon Mobil has reportedly joined Chevron in exploring potential acquisitions of Lukoil’s international assets since the US Treasury authorised companies to begin discussions with the sanctioned Russian oil firm.

OMV Petrom risks losing Neptun Deep exploration blocks after missing drilling deadlines

Romania's largest oil and gas company OMV Petrom (BVB: SNP) is at risk of losing concession rights for the Nard and Anaconda areas of the Neptun Deep perimeter in the Black Sea after failing to begin exploration drilling within contractual deadlines.

Czech energy and media billionaire Křetínský sets up joint venture with TotalEnergies

EPH of Czech energy and media tycoon Daniel Křetínský is to set up a new 50/50 joint venture with French oil company TotalEnergies.

Turkey’s TPAO planning $4bn raise with first-ever Islamic bond

State-owned Turkish Petroleum Corporation (TPAO) has plans to issue its first-ever Islamic bond, or sukuk, to raise around $4bn to fund the expansion of its oil and gas production, Turkey's Energy Minister Alparslan Bayraktar has told Bloomberg.

Bulgaria removes Russian chairman of Lukoil Burgas refinery

Bulgaria has removed the Russian chairman of Lukoil Neftochim Burgas, the country's largest oil refinery, as the government moves to take control of the company’s assets following the announcement of US sanctions on Lukoil last month.

European gas prices edge up in November amid cold snap

A small rally in futures reflects increasing heating needs as colder weather approaches.

Var Energi confirms Norwegian Barents Sea oil discovery

Norwegian oil company Vår Energi has confirmed its Zagato oil discovery in the Barents Sea after appraisal well 7122/8-4 S delivered successful results.

Equinor reports finding of probe into exposure events at Hammerfest LNG

The company said several contributing factors occurred simultaneously during the events, which took place between summer 2024 and summer 2025.

Poland's PKN Orlen acquires stake in Norway's Ekofisk project

The deal comes as DNO simultaneously acquires from Orlen a 20% interest in licence PL1135 – the home of the Cassio prospect – and a further 0.8% interest in the Verdande field.

Ukraine's DTEK imports first US LNG cargo

The shipment marks the first time a Ukrainian private energy company has chartered a vessel and arranged loading on FOB terms in the US.

Hungary to sue EU over ban on Russian gas

Hungary will challenge the EU’s plan to phase out Russian oil and gas by 2027, with Prime Minister Viktor Orban accusing Brussels of bypassing Budapest’s veto rights.

Hungary could buy Russian stake in Serbian oil company NIS, foreign minister says

Serbia has one week to decide how to restructure NIS after the United States said sanctions would remain unless Russian owners fully exit the company.

Serbia faces uncertainty over long-term Russian gas deal

Serbia’s plans for a new long-term gas contract with Russia’s Gazprom remain uncertain, with officials now aiming for a short-term extension.

Serbia under pressure to find buyer for Gazprom stake in NIS

Serbia has one week to decide how to restructure its oil company NIS after the United States made clear that sanctions will remain unless Russian owners fully exit the company.

Three companies interested in acquiring Lukoil’s Romanian refinery

At least three companies have expressed interest in acquiring Lukoil’s Petrotel refinery and parts of its fuel station network in Romania, Minister Bogdan Ivan said. Hungary's MOL and Greek Hellenic Petroleum may compete with US fund Carlyle.

US issues sanctions exemption on Kazakh oil shipments via CPC

The US has issued a sanctions exemption that allows Kazakhstan’s key oil infrastructure and major upstream projects to continue operating despite Washington’s latest restrictions on Russian energy companies.

Russia resumes oil loading at drone-hit Novorossiysk, Kazakhstan’s loadings continue without interruption

Washington and Budapest at odds over duration of Russian energy sanctions exemption

Secretary of State Marco Rubio clarifies the sanctions' relief on Russian energy imports for Hungary valid for 12 months, challenging Budapest’s claims that it was open-ended.

Shell must pay Venture Global’s court fees following arbitration loss

Shell has been ordered by an International Chamber of Commerce panel to pay Venture Global’s court fees following its unsuccessful arbitration case.

US grants special licence for Bulgarian Lukoil units until April 2026

The US has issued a special licence allowing key Bulgarian subsidiaries of Russia’s Lukoil to continue operating until April 29, 2026, easing immediate concerns over fuel supplies as sanctions on Moscow tighten.

EXPLAINER: Lukoil scrambles to sell its international operations

Time is running short for Russia’s second-biggest oil producer to divest its vast international business, after it was hit with US sanctions that will soon render its assets outside Russia effectively inoperable.

Serbia holds emergency talks on fate of Gazprom-owned NIS

Serbia’s government held an emergency session to decide whether to nationalise oil company NIS after the US rejected a request to extend the firm’s operating licence and demanded a full exit of its Russian owners.

Bulgaria wins temporary UK sanctions reprieve on Lukoil refinery

The UK has granted Bulgaria a temporary licence allowing its Lukoil’s refinery and fuel operations to continue despite sanctions on the Russian oil group, easing fears of a supply disruption.

Bulgaria seizes Lukoil refinery ahead of US sanctions

Moscow’s ambassador to Sofia, Eleonora Mitrofanova, has called the decision a “dangerous precedent,” likening it to expropriation.

EU LNG imports set for record high in November as US supply surges

Liquefied natural gas (LNG) imports into the European Union are on track to hit an all-time monthly high in November, driven by a sharp rise in shipments from the United States.

Hungary’s MOL could buy part of Gazprom’s stake in Serbia’s NIS

Hungarian energy company MOL could buy an 11.3% stake in Serbia’s oil company NIS from Russia’s Gazprom group as part of efforts to resolve US sanctions against the firm.

Bulgaria’s parliament overturns president’s veto on Lukoil refinery law

Bulgaria’s parliament overturned President Rumen Radev’s veto on a law that gives the government more control over the local assets of Russia’s oil company Lukoil, less than ten days before new US sanctions take effect.

MP says Bosnia must speed up gas project to reduce dependence on Russia

Any delay in the Southern Gas Interconnection project could have “unforeseeable and harmful consequences” for Bosnia & Herzegovina, a senior lawmaker warned.

Hungary global leader in share of solar energy, report shows

Solar power accounted for close to 30% of electricity generation in Hungary in H1 2025, more than in any other country covered in a global report by international independent think tank Ember.