EurOil - Europe Oil & Gas
Slovak oil refiner Slovnaft to self-regulate fuel prices this week
The Slovak key refinery, the Hungarian MOL-owned Slovnaft, is to self-regulate fuel prices for the next five days in response to the Hormuz Strait crisis, the country’s Prime Minister Robert Fico announced following the cabinet session on March 11.
Oil price tops $100 a barrel - again
Brent crude rose almost 9% in early Asian trading, surpassing $100 a barrel, despite the International Energy Agency (IEA) announcing late on March 11 that all 32 member countries would release up to 400mn barrels of oil.
Croatia ordered to pay $236mn in compensation after losing case arbitration case against MOL
A US federal court ruling enforces a 2022 ICSID decision ordering Zagreb to pay $236mn to MOL, connected to the privatisation of the Croatian state-owned INA.
Turkey’s fuel and gas supplies face no immediate risks despite Middle East conflict, says minister
Despite the ongoing US-Israeli conflict with Iran, Turkey does not foresee any immediate problems facing its fuel & natural gas supplies, though developments are being closely monitored, according to the Turkish energy minister.
OMV Petrom joins Shell, TPAO in Bulgarian Black Sea exploration
Romania’s largest oil and gas company, OMV Petrom, has signed a farm-in agreement to join UK-based Shell and Turkish Petroleum Corporation (TPAO) in exploring the Han Tervel offshore block in the Bulgarian Black Sea.
Middle East conflict drives up costs faced by Turkey’s petrochemical, oil products industry
Amid the intensifying war between the United States–Israel and Iran, oil and petroleum-derived raw materials have seen price hikes over the past two weeks, putting significant pressure on Turkish industries.
Poland's Orlen confirms 7.2mn boe Frida Kahlo discovery in North Sea Sleipner Area
Orlen, together with operator Equinor and partner Vår Energi, has confirmed a gas and condensate discovery in the Sleipner Area. The resources at the Frida Kahlo prospect are estimated at 7.2mn barrels of oil equivalent.
Russia could get extra $5.5bn revenues on Iran war
Bulgaria forms emergency panel to counter fuel price spike
Regional neighbours have already acted: Serbia banned crude and fuel exports, while Croatia reintroduced price caps.
Hungarian gov’t introduces fuel price caps four weeks before election to mitigate soaring fuel prices
Serbia bans export of oil derivatives to protect domestic supply
Serbia has temporarily banned the export of crude oil and fuel products in an effort to safeguard domestic supply and prevent sharp price increases as global oil markets surge amid the US-Israel war on Iran.
US LNG bound for Ukraine arrives in Lithuania
A cargo of US LNG intended for Ukraine has arrived at Lithuania’s Klaipeda terminal and will be sent onward to Ukraine in the near term.
Moldovagaz gets extra time to supply gas to Moldova's breakaway region of Transnistria
This is after the country’s energy regulator extended the company’s authority for a further three months.
Slovakia's SPP eyes increase in Russian gas imports despite EU phase-out
Slovakia’s national gas company SPP is in talks with Gazprom to increase imports of Russian natural gas above 2025 levels this year and next.
Relations between Ukraine, Hungary worsen amid money laundering dispute
Relations between Hungary and Ukraine have deteriorated after Budapest detained seven Ukrainian citizens, prompting Kyiv to accuse the Hungarian authorities of “taking hostages.”
European gas prices surge further on Hormuz crisis
European gas prices have surged once more as a result of Iran’s blockade of the Strait of Hormuz that has knocked out around a fifth of global LNG supply.
Oil price spike at over $100 per barrel as market faces possibly worst crisis in history
Brent was trading at over $108 per barrel as of 06:30 GMT today, up from the early $70s prior to the US and Israel launch of strikes against Iran on February 28.
PM Fico says Slovakia is ready to block EU's €90bn loan for Ukraine if necessary
Slovak Prime Minister Robert Fico said his country is ready to block the EU Ukraine loan to step up pressure on Ukraine’s president Volodymyr Zelensky to do more to renew the Russian Druzhba oil flow.
BP seeks up to $6bn in damages from Venture Global
UK supermajor BP is asking for up to $6bn in damages from US LNG giant Venture Global from its arbitration case victory.
Germany’s Uniper opens talks to buy Canadian LNG
Germany’s state-run energy company Uniper has begun negotiations with Canada to buy LNG from the fledgling producer.
Serbia to cut fuel excise duty to limit price hikes
Serbia will intervene to reduce fuel excise duties to prevent sharp increases at the pump, President Aleksandar Vucic said on March 6, as global oil prices rise amid escalating conflict in the Middle East.
Thessaloniki-Skopje pipeline back in operation after 13 years
The Vardax pipeline linking Thessaloniki and Skopje resumed operations on March 6 after a 13-year halt, North Macedonia’s state-run news agency MIA reported.
INA wins licences for two new oil and gas exploration areas in Croatia
Croatian energy company INA has been awarded licences to explore for oil and gas in two new areas in eastern Croatia following an international tender, the company said on March 6.
Shell subsidiary to carry out geological exploration at Zhanaturmys field in Kazakhstan
Shell’s Kazakhstan subsidiary and the country’s Ministry of Energy have signed an agreement to carry out geological exploration at the Zhanaturmys field in Aktobe Region, the ministry announced on March 5.
Hungarian MOL and its Slovak subsidiary complain to EU over Janaf’s refusal to transport Russian oil
Hungarian oil giant MOL and its subsidiary, Slovak key refinery Slovnaft, filed a complaint with the European Commission’s Directorate General for Competition over the monopoly position of Croatia’s oil transporter Janaf.
Subsea7 awarded Turkish Petroleum Offshore Technology Center order relating to development of Black Sea gas field Sakarya
Subsea7 on March 4 announced the award of a large variation order by Turkish Petroleum Offshore Technology Center (TP-OTC) relating to the Sakarya field development in the Black Sea, offshore Turkey.
Daily output at Kazakhstan's Tengiz drops by 30% at beginning of March
Production at Kazakhstan’s Tengiz oilfield, the country’s largest, dropped sharply in early March, falling roughly 30% below February’s average, Reuters reported on February 3, citing two industry sources.
Renewal of Druzhba oil flow to Hungary and Slovakia remains unclear
The renewal of the Russian Druzhba oil flow to Hungary and Slovakia remains unclear amid discussions between the EU, Ukraine and the two EU member states.
Iraq reportedly suspends piped oil shipments to Turkish Mediterranean export hub Ceyhan
Iraq has reportedly suspended all crude oil exports piped to the Turkish Mediterranean port of Ceyhan from its semi-autonomous Kurdistan region amid consequences of the conflict in the Middle East.
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