EurOil - Europe Oil & Gas

Western oil producers may face $4bn in fines after losing Kazakh Karachaganak arbitration case

An international consortium developing Kazakhstan’s Karachaganak oilfield has reportedly lost an arbitration case brought by the Kazakh government, a ruling that could leave the partners facing compensation payments of up to $4bn.

Kazakh energy minister dismisses reports of talks on acquisition of Russian Lukoil’s assets in Kazakhstan

Kazakhstan’s Energy Minister Yerlan Akkenzhenov said on January 26 that Kazakhstan’s government is not engaged in discussions with Russia’s Lukoil over the acquisition of the company’s assets in the country, dismissing earlier reports.

Kazakhstan’s oil exports regain capacity after CPC mooring point returns to service and Tengiz resumes production

Kazakhstan’s main oil export route via the Russian Black Sea coast has regained some capacity. The Caspian Pipeline Consortium (CPC) has been reported as saying that one of its offshore loading facilities has returned to service.

Hungary to challenge EU ban on Russian gas imports at European Court

Hungarian government claims the EU used a "legal trick" to pass the regulation for phasing out Russian gas purchases

EU ban on Russian-origin fuel to raise logistical costs

An EU ban on importing fuel made from Russian oil outside Russia is forcing tanker operators to rework trading routes and is likely to raise logistics costs by increasing the share of ballast voyages.

Azerbaijan's SOCAR strikes deal to take 10% stake in Ivory Coast project from Eni

Italy’s Eni signed last week a binding agreement to sell a 10% stake in its Baleine offshore project in Ivory Coast to Azerbaijan’s state oil company SOCAR.

Russian court upholds claims by Gazprom against Linde over Amur GPP design violations

The Gazprom unit blamed alleged design violations for fires at the Amur gas processing plant.

France detains oil tanker allegedly part of Russia's shadow fleet

“We will not tolerate any violations,” French President Emmanuel Macron said.

Serbia values Russian stake in NIS at up to €1bn as MOL deal advances

Serbia’s President Aleksandar Vucic said on January 26 that the Russian-owned stake in Serbia’s oil company NIS, which is being sold to Hungary’s MOL, was worth between €900mn and €1bn.

EU Council shores up bloc's plan to phase out Russian gas

The EU on January 26 adopted new rules to phase out imports of Russian pipeline gas and LNG, setting out stepped deadlines through 2027 and introducing multi-million-euro penalties for violations.

MOL shares rally to historic highs on news of NIS takeover

US extends operating licence for Serbia’s NIS as Russia agrees sale

The US has extended a sanctions waiver allowing Serbia’s Russian-owned oil company NIS to continue operating until February 20, 2026, easing concerns over winter fuel supplies after Russia agreed to sell its majority stake in the firm.

IEA: Europe to import record supplies of LNG

The International Energy Agency projects that Europe will import a record level of LNG in 2026, the organization announced in its quarterly Gas Market Report.

Kazakhstan’s energy ministry launches investigation into fire at Tengiz oilfield power unit

Kazakhstan’s energy ministry said on January 22 that a special commission is examining the causes of an incident on January 18 that led to the shutdown of the giant Tengiz oilfield, one of the world’s largest oil producing assets.

Israel's 2025 imports of Azerbaijani oil shipped via Turkey reportedly hit three-year high

Israel's imports of Azerbaijani oil, shipped from Turkey's Mediterranean port of Ceyhan, reportedly hit a three-year high in 2025.

Greenland crisis heightens concerns about Europe’s heavy reliance on US energy

In some quarters, the US has met more than 60% of Europe’s demand for LNG.

Operator of Kazakhstan’s Tengiz oilfield declares force majeure on crude deliveries via CPC pipeline

Romania’s defence ministry says Neptun Deep offshore perimeter under permanent monitoring

Romania’s Ministry of National Defence said the maritime area hosting the Neptun Deep offshore gas project is under permanent monitoring, taking into account the project’s strategic importance and the security risks in the Black Sea.