EurOil - Europe Oil & Gas

CPC oil shipments rise 22% m/m in August as Black Sea loadings stabilise

Caspian Pipeline Consortium (CPC) increased oil shipments by 22% m/m in August to 6.288mn tonnes, or about 1.6mn barrels per day (bpd), as tanker loadings stabilised following a reduction in attacks in the Black Sea, a report says.

Kazakhstan targets $15bn-19bn investment to more than double oil refining capacity

Kazakhstan plans to more than double its oil refining capacity to 39mn tonnes a year by 2040 under a new industry development concept requiring an estimated $15bn-$19bn in investment.

Hungary’s MVM Group posts €770mn profit in H1

State utility giant MVM Group posted a consolidated net profit of HUF282bn (€770mn) in H1, up 27% y/y, while revenue increased 1.9% to HUF2.05 trillion and EBITDA rose 8.6% to HUF519bn.

Germany to support €500mn synthetic aviation fuel project despite wind-down of developer

Germany's Brandenburg state government is seeking to keep a planned €500mn-plus synthetic aviation fuel project at the PCK refinery in Schwedt on track despite the planned wind-down of one of its developers.

UK launches probe into failure of Lindsey oil refinery

The UK's accounting watchdog has launched an investigation into KPMG's audits of a Prax Group company, more than a year after the collapse of the group's Lindsey oil refinery business.

Energean to drill Greece's first offshore well in four decades

East Mediterranean-focused oil and gas operator Energean is advancing preparations to drill Greece's first offshore exploration well in around four decades.

Spanish LNG imports climb 11% year on year in August

Spanish LNG imports rose by around 10.6% year on year in August, as the US overtook Algeria to become the country's largest gas supplier during the month.

UK reportedly to stall decision on key Jackdaw gas project

The UK government is expected to delay a decision on the Jackdaw gas project in the North Sea until at least October, prolonging regulatory uncertainty over the nearly completed development.

BP's planned North Sea sale attracts wide net of potential buyers

Adura, the recently formed North Sea joint venture between Shell and Equinor, and NEO Next+ are among parties considering the portfolio.

McDermott wins $500-700mn EPC contract for Cronos gas field off Cyprus

McDermott has secured a subsea contract worth $500-750mn from Eni for the development of the Cronos gas field offshore Cyprus, weeks after the partners took a final investment decision on the country’s first gas development.

Odfjell receives award from Var Energi for three-year drilling campaign off Norway

Norwegian rig owner Odfjell Drilling has received a letter of award from Norwegian oil operator Vår Energi for a three-year drilling campaign using the Deepsea Bergen semi-submersible rig, with firm backlog valued at around $518mn.

Norwegian oil and gas licensing round draws interest from 21 companies

Norway has received applications from 21 oil and gas companies for acreage in its latest annual mature-area licensing round, with Shell returning after sitting out last year’s process.

UAE's XRG, ADNOC eye closer gas cooperation with Germany's SEFE

Turkey urges backing for Qatar-Europe gas pipeline to bypass Hormuz

Turkey’s Energy and Natural Resources Minister Alparslan Bayraktar has called on Qatar and European capitals to show the political will needed to advance a project for a long-proposed pipeline that would carry Qatari gas to Europe via Turkey.

INA completes €15mn steam turbine installation at Rijeka refinery

Croatian oil and gas company INA has completed the installation of steam turbines and electric generators at its Rijeka oil refinery in a project worth more than €15mn aimed at improving energy efficiency, the company said on...

Croatia's JANAF to invest up to €43.7mn in Kazakhstan oil exploration project

Croatia's oil pipeline operator JANAF will invest up to €43.68mn in a Kazakhstan hydrocarbon exploration project after joining the ownership structure of local company Geoenergija razvoj, JANAF said on September 11.

Hungarian government introduces targeted diesel compensation amid surging prices

Instead of reintroducing a general fuel price cap, the Hungarian government has introduced targeted compensation for diesel users following a sharp rise in fuel prices, Prime Minister Peter Magyar said.

Polish PM Tusk warns Europe cannot compete with US and China because of high energy prices

Polish Prime Minister Donald Tusk has warned that Europe cannot compete effectively with the US and China while energy prices remain at current levels, calling for the EU to block measures that would push costs still higher.

Turkey's BOTAS, Azerbaijan's SOCAR eye closer gas cooperation

Turkey's state pipeline operator BOTAS and Azerbaijan's SOCAR are working to extend several existing natural gas swap agreements as the two countries deepen cooperation on regional gas trade.

Azerbaijan's SOCAR plans further investments in Turkish petchems producer Petkim

Azerbaijan’s state-owned SOCAR plans further investment at Turkish petrochemical producer Petkim (BIST) as part of a wider programme to modernise and expand the complex.

Italy seeks to fast-track new oil and gas projects amid energy crisis

Italy has approved measures to accelerate domestic oil and gas projects, seeking to reduce its reliance on imported energy as supply disruptions and higher prices put renewed focus on energy security.

Germany bled $58.5bn on measures to protect consumers from energy crisis since 2022

Germany spent €50.4bn on measures to shield consumers and stabilise energy markets during the energy crisis that followed Russia’s invasion of Ukraine and the collapse in Russian gas supplies.

Serbia completes tender for Hungary oil pipeline

Construction of an oil pipeline linking Serbia and Hungary is moving closer to starting after Serbian state oil pipeline operator Transnafta awarded a contract for expert supervision of the project.

EIA sees gradual Middle East oil recovery, keeps Azerbaijan output forecast flat

The US Energy Information Administration (EIA) expects Middle East oil production to rise gradually in the coming months but says output will not return to pre-conflict average levels before the second quarter of 2027.

Kazakhstan explains suspension of $5.07bn recovery proceedings against NCOC

Kazakhstan’s Ministry of Justice has explained the reason behind its suspension enforcement proceedings to recover KZT 2.3 trillion ($5.07bn) from North Caspian Operating Company (NCOC).

Slovak gas storage capacities 52% full

Half-full gas reserves are a result of high energy prices and disruptions in supply chains in connection with the war in the Middle East.

Unimot begins aviation fuel deliveries to Norwegian Air Shuttle in Poland, deepens defence sector push

Warsaw-listed fuel trader Unimot began regular supplies of JET A-1 aviation fuel to Norwegian Air Shuttle at airports in Kraków and Warsaw, whilst also announcing a deal to develop a turbojet engine for military purposes.

Turkey move to cushion fuel consumers means major tax revenue loss, says report

Tax measures introduced in Turkey to cushion consumers from higher fuel prices in the shadow of the war waged by the United States and Israel on Iran have resulted in a substantial loss of public purse revenue.

Report says “middlemen” companies shipping oil to Israel from Turkish port Ceyhan

Two little-known private companies, working through Turkey’s Mediterranean oil export port of Ceyhan, now number among Israel’s most important “oil middlemen”, according to a report from bianet.