Region: Europe Category: Oil and Gas Frequency: Every Thursday
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About: EurOil analyses key trends such as the influx of private equity into the North Sea and how it is shaping the basin's future. The monitor also provides key insight on major trends such as decommissioning and the development of frontier regions like West of Shetland. Midstream developments also take prominence, with deep analysis of the region's gas needs and how they will be met in the future.
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Azerbaijan plans major ramp-up in gas, power exports
Why Europe's gas price cap plan will backfire
Brussels is again considering a cap on gas prices to shield consumers from soaring energy costs, but the policy risks weakening Europe’s ability to attract LNG cargoes just as the bloc faces a difficult storage refill ahead of next winter.
Greek tanker set to load Kazakh oil hit by object near CPC terminal
A Greek-flagged oil tanker, the Maran Homer, was reportedly struck by an unidentified object early on March 14 while it awaited instructions on entering the Caspian Pipeline Consortium (CPC) terminal at the Russian Black Sea port of Novorossiysk.
Gazprom presses on with major Arctic gas project despite loss of European market
Gazprom is pressing ahead with development of the giant Kharasavey gas field on the Yamal Peninsula even as the collapse of exports to Europe leaves the company searching for new markets for its Arctic gas.
US sanctions easing on Russian oil deepens rift with Europe amid energy shock
A decision Trump to ease some sanctions affecting Russian oil exports has triggered sharp criticism from European allies, exposing growing divisions within the West over how to balance pressure on Moscow with stabilising global energy markets.
Asia and Europe to battle over dwindling LNG cargoes
Asian and European energy buyers are competing to secure increasingly scarce LNG cargoes after conflict in the Middle East disrupted shipments through the Strait of Hormuz, the Financial Times reported on March 12.
Serbia’s NIS seeks new US license before March 20 deadline
The Oil Industry of Serbia (NIS) has requested a new special license from the Office of Foreign Assets Control (OFAC) to continue operating, as negotiations on the sale of Russia's stake continue.
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.
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