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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OMV Petrom’s net profit rises 18% to €800mn in January-September
OMV Petrom, Romania’s largest energy producer, reported an 18% y/y increase in net profit to RON4.1bn (€800mn) in Jan-Sep 2026, supported by higher oil and gas prices. Net profit rose by 68% year on year to RON2.2bn in Q3.
Serbia's NIS gets new US licence to continue operations until December 11
Serbia's oil company NIS has received a new special licence from the US Treasury allowing it to continue operating until December 11.
Canada and EU announce cooperation in LNG
Joint study will inform future LNG trade and investment decisions between the partners.
OPEC+ holds December output steady as 2027 call looms
OPEC+ left December production targets unchanged on November 1, deferring any fresh policy move into next year as the group grapples with Iran war export disruptions
Croatia's INA doubles nine-month net profit to €303mn as diesel margins soar
Croatian oil and gas company INA (ZSE: INA) more than doubled its nine-month net profit to €303.4mn as diesel margins soared.
Putin warns Europe faces rising costs from excluding Russian gas
Russian President Vladimir Putin has warned that efforts to exclude Russia from international gas markets will increase energy costs for European businesses and households, arguing that the EU is damaging its own economic competitiveness.
Moldova buys Ukrainian gas below European prices as winter costs surge
Moldova has secured its first natural gas supplies from Ukraine at prices below European market benchmarks, as Chisinau seeks cheaper alternatives to ease mounting energy costs ahead of the winter heating season.
France’s TotalEnergies warns Europe entering dangerous period as gas prices exceed €100 per MWh
Europe is entering a dangerous period in its gas market as prices exceed €100 per MWh and competition with Asia for limited LNG supplies intensifies ahead of the winter heating season.
Europe heads into winter with gas prices still soaring
Europe faces a difficult winter as storage levels lag historical norms, LNG supplies remain constrained and gas prices approach their highest levels since the 2022 energy crisis.
Hungary turns to US as Russian gas dependence faces deadline
Budapest is seeking US support to diversify its energy supplies, but its heavy reliance on Russian gas, long-term contracts and infrastructure costs complicate the transition.
Naturgy sees scope to continue Yamal LNG purchases despite EU ban
Spain's Naturgy sees opportunities to continue purchasing Russian LNG from the Yamal LNG project after the EU's import ban takes effect on January 1 2027.
Carlyle and EBRD agree to sell Romanian Black Sea gas operations to Mazarine
BSOG operates the Midia Natural Gas Development project, the first offshore hydrocarbon production development in the Romanian sector of the Black Sea in more than 30 years.
Polish energy group Orlen says North Sea Afrodite recoverable gas resources more than double
Poland's biggest power group, Orlen, reported on October 29 that new appraisal drilling on the Afrodite discovery in the North Sea shows that recoverable resources are more than twice the original estimate.
EU gas price breaks €100 per MWh for first time since 2022
European gas prices broke through €100 per MWh on October 28 for the first time in almost four years as fears of a winter shortage of Middle Eastern LNG deepened.
UK extends licence for Lukoil's Bulgarian subsidiaries
Britain has extended until February 26, 2027, a licence allowing four Bulgarian subsidiaries of Russian oil company Lukoil to continue business operations.
EU gas storage stalls at record low as central Europe starts drawing down
EU gas storage has all but stopped filling at 74.9%, a record low for late October, with Austria, Slovakia and the Czech Republic drawing gas out for a second week.
Norway’s Aker Solutions forecasts sharp revenue decline in 2027 as major projects wind down
Norway's Aker Solutions expects revenue to fall by around 30% in 2027 as major offshore oil and gas projects approach completion, despite maintaining a substantial order backlog.
BlueNord reports higher Danish output as Tyra reaches record production rates
Norway's BlueNord has reported a sharp increase in oil and gas production from its Danish North Sea assets, supported by improved performance at the redeveloped Tyra gas hub.
UK Budget assumes Rosebank approval despite cabinet divisions
The UK government's fiscal forecasts reportedly assume that the controversial Rosebank oilfield will receive development approval.
Norway's Equinor doubles quarterly earnings as surging prices lift profits to four-year high
Norway's Equinor has reported its strongest quarterly earnings in almost four years, benefiting from soaring oil and gas prices and higher production, while raising its full-year output growth forecast.
Gas loses ground in European power markets despite rising electricity demand
Natural gas is losing market share in several major European electricity markets, with gas-fired generation falling to multi-year lows in the UK, the Netherlands and Türkiye as renewable energy and other power sources displace the fuel.
European gas prices approach €100 per MWh as winter supply fears intensify
European natural gas prices have climbed to their highest level in almost four years, approaching €100 per MWh as concerns mount over insufficient storage, disrupted LNG supplies and the prospect of colder weather.
Equinor, Aker BP join forces to unlock 2.8bn boe of challenging Norwegian resources
The Norwegian Offshore Directorate estimates that mapped tight reservoirs on the country's continental shelf have a combined recovery potential of around 2.8bn boe.
France prepares diesel reserve release as fuel shortages persist
France is preparing to release 10mn barrels of diesel from its strategic reserves on November 1 to ease record-high fuel prices, as supply shortages continue to affect filling stations across the country despite signs of improvement.
UK oil and gas industry seeks early windfall tax reform to unlock £50bn investment
The UK’s offshore oil and gas industry has urged the government to accelerate reform of its windfall tax regime in the October 28 Budget.
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