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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Slovak PM Fico asks state SEPS company to cut emergency electricity supplies to Ukraine
Russia sanctions trigger US diesel surge and higher refining margins
European refined product markets are being reshaped by sweeping sanctions on Russian oil, pushing trade flows, imports and refining margins into new patterns that are testing downstream infrastructure and policy coherence in the bloc.
Norwegian oil output hits six-year high in 2025
Oil production on Norway’s continental shelf reached its highest level since 2009 in 2025.
EnQuest slashes output guidance on Magnus outage
North Sea-focused oil producer EnQuest on February 23 forecast lower production for 2026 after storm damage to a third-party-operated platform caused a five-week outage at its Magnus field
Romgaz CEO says company can cover its share of Neptun Deep costs
Romanian state-owned gas producer Romgaz has sufficient funding lines in place to cover its share of investment in the Neptun Deep offshore gas project in 2026.
EU fails to clinch deal on more Russia sanctions
The EU failed on February 23 to agree a new round of sanctions against Russia after objections from Hungary, with Greece and Malta also opposing elements of the proposed measures linked to maritime enforcement.
Hungary to block €90bn EU loan for Ukraine until oil transit via Druzhba pipeline resumes
PM Viktor Orban accused Ukraine of preventing the transit of cheap Russian oil to Hungary, creating what he described as an energy security threat.
Slovak PM Fico threatens to cut emergency electricity supplies to Ukraine over Druzhba disruption
Fico threatened to ask the Slovak Electricity Transmission System company to cut emergency electricity supplies to Ukraine unless the oil flow via Russian Druzhba pipeline is not renewed.
Hungary’s MOL posts $3.37bn EBITDA, second-highest on record
MOL continued to profit from high margins and the Ural-Brent spread to post second-highest EBITDA on record after 2022.
US extends licence for Serbian oil firm NIS until March 20
OFAC has extended an operating licence for Serbia’s sanctioned oil company NIS until March 20, allowing it to continue supplying fuel while talks continue over a change in ownership.
Germany’s Uniper signs 10-year LNG supply deal with India
Germany’s state-owned energy firm Uniper has inked a 10-year LNG supply deal with Gujarat State Petroleum Corporation.
Slovak economy ministry: Ukraine postponed Druzhba oil flow renewal to February 21
The Slovak Ministry of Economy stated that Ukraine was supposed to have postponed the renewal of the Russian Druzhba oil flow to Saturday, February 21.
EU calls emergency meeting after Hungary and Slovakia halt diesel supplies to Ukraine amid Druzhba pipeline dispute
Both countries, heavily reliant on Russian crude transported through the Druzhba pipeline, accused Kyiv of deliberately delaying repairs for political reasons.
Turkey hits out at energy field activities of Greece and Chevron, says Libya entitled to object too
Turkey on February 19 objected to energy field activities being conducted by Greece and US major Chevron (CVX.N).
Tender for Serbia–Hungary oil pipeline extended to February 26
The project is intended to diversify crude import routes and improve supply security.
Slovakia declares oil emergency and cuts fuel supplies to Ukraine
The Slovak cabinet of populist Prime Minister Robert Fico has declared an oil emergency and the country’s key refinery, Hungarian MOL-owned Slovnaft cut fuel exports to Ukraine to keep its products only for the domestic market.
Hungary cuts fuel supply to Ukraine, accuses Kyiv of political blackmail by delaying resumption of crude deliveries
Hungary has accused Ukraine of trying to create an oil crisis by deliberately delaying the restart of Druzhba pipeline deliveries, a move Budapest claims is direct interference in Hungary's upcoming general election.
Turkey’s TPAO, Shell sign deal to explore in Bulgaria’s Black Sea zone
Turkish Petroleum Corporation (TPAO) has signed a partnership agreement with Shell to explore oil and natural gas deposits in Bulgaria’s exclusive economic zone in the Black Sea.
Chevron, HELLENiQ sign deal to hunt for gas offshore Greece
A consortium led by US oil major Chevron has signed exclusive lease agreements with Greece to explore for natural gas offshore southern Greece.
European Parliament approves 90% emissions cut target for 2040
The European Parliament last week approved amendments to the EU Climate Law that would require the bloc to cut greenhouse gas emissions by 90% by 2040 compared with 1990 levels.
Norway to see dip in oil, gas investment in 2026
Norwegian oil and gas investment is set to fall this year and next as a wave of major field developments reaches completion and fewer new projects enter the pipeline.
Eni eyes return to oil and gas trading
Italian energy group Eni is considering a return to oil and gas trading as it looks to capture the outsized profits earned by rivals BP, Shell and TotalEnergies amid heightened price volatility driven by geopolitical tensions.
Former UK PM Blair's thinktank urges changes in oil and gas policy
A new report from the Tony Blair Institute for Global Change calls for a reset of the UK;'s energy strategy, urging the government to rethink its oil and gas policies to improve affordability, security and economic competitiveness.
Kazakhstan to lift annual oil refining capacity to 40mn tonnes by 2033
Kazakhstan has brought forward plans to expand its oil refining industry. It aims to lift annual processing capacity to 40mn tonnes by 2033 — seven years ahead of the previous 2040 target.
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