EurOil - Europe Oil & Gas

Bulgaria curbs powers of manager overseeing Lukoil assets

Parliament has approved legal amendments to limit the powers of a state-appointed manager overseeing local assets of Russian oil group Lukoil, introducing judicial oversight and stricter state control.

Legislature told gas pipeline linking Turkey and northern Cyprus to go operational in 2028

A natural gas pipeline that will link Turkey and northern Cyprus will go operational in 2028, the northern territory’s ‘public works minister’ Erhan Arikli reportedly told the Turkish Cypriot legislature earlier this week.

Serbia says Gazprom to extend gas supply deal for three months

Serbia has secured a three-month extension of its gas supply arrangement with Russia after June 30, Energy Minister Dubravka Dedovic Handanovic said on June 4 following talks with Gazprom CEO Aleksei Miller in St. Petersburg.

Azerbaijan gas covers 60% of Bulgaria's needs as green corridor feasibility study set for 2026

Hungary’s MOL seeks more time for talks to buy Serbia’s NIS

MOL has asked US authorities for a one-month extension to complete talks to acquire a majority stake in Serbia’s oil company NIS.

Bulgaria replaces special administrator overseeing Lukoil assets

Bulgaria’s government has replaced the special administrator overseeing the local assets of sanctioned Russian oil group Lukoil, appointing a new manager to supervise operations of the country’s key refinery and fuel businesses.

Norway's Eldorado snaps up US offshore driller Vantage in $258mn deal

Norway-based Eldorado Drilling has agreed to acquire US offshore drilling contractor Vantage Drilling in a transaction valuing the company's equity at approximately $258mn.

Turkey renews gas arrangement with Azerbaijan, secures 33 bcm over 15 years

Turkey has renewed its gas import arrangement with Azerbaijan, securing supplies of 33bn cubic metres (bcm) of natural gas from Azerbaijan over 15 years.

Romania's Romgaz agrees €69mn takeover of Azomureș fertiliser assets

Rubio backs Trans-Caspian gas pipeline proposal in meeting with Turkmenistan’s top diplomat

Infrastructure could boost European energy security, though Russia could move to block it.

North Macedonia extends fuel tax relief until June 15

Canada’s Ksi Lisims signs 20-year LNG supply deal with Germany’s SEFE

A 20-year LNG supply deal has been signed by Canada’s Ksi Lisims project with German state-run firm Securing Energy for Europe.

Turkey cut Urals imports to lowest level in 18 months in May

Turkey cut imports of Russia’s Urals crude from Baltic and Black Sea ports in May to the lowest level in almost 18 months, as the grade loses some of its price advantage.

BP set to sign key new Azeri upstream deal

BP’s expected Babek deal could unlock one of Azerbaijan’s biggest undeveloped gas resources, but new volumes for Europe are years away.

Russia's Dmitriev says Europe needs Russia to survive

Russia's Kirill Dmitriev said Europe needs Russia to survive amid an energy crisis, after Bloomberg reported the EU is weighing a temporary freeze of its $44.10 price cap on Russian oil over the Iran war.

Poland's Orlen beats Q1 expectations on retail resilience, lowest EU fuel prices

Poland’s largest energy multi-utility Orlen reported Q1 results that beat market expectations on May 28 while offering Polish consumers the lowest fuel prices in the EU in the times of oil market volatility.

Ukraine may have resumed attacking Russian shadow tankers in Black Sea, three vessels hit off Turkey

Ukraine may have resumed attacking Russian shadow fleet crude oil tankers in the Black Sea following a lull in such drone operations.

Germany’s gas grid operators warn they may fail to secure suffiencent supplies to make it through the coming winter

Germany’s gas grid operators have warned that current market conditions and storage rules may be insufficient to secure supplies through the coming winter.

Germany’s SEFE to ink major LNG deal with Canada’s Ksi Lisims project

Germany’s state-run gas importer Securing Energy for Europe is set to sign a long-term agreement to buy LNG from Canada’s Ksi Lisims project.

Diplomatic progress prompts cautious resumption of Hormuz transit

The tentative reopening of the Strait of Hormuz has allowed critical LNG and crude tankers to resume transit amid progressing US-Iran diplomatic negotiations.

Azerbaijan's crude exports to EU dip despite Bulgaria surge

Norway's Archer acquires Scottish well specialist

Oslo-listed Archer has agreed to acquire Scottish well technology specialist isol8, expanding its portfolio of well abandonment and intervention technologies as activity in the mature North Sea basin continues to grow.

Subsea7 scores Barents Sea gas contract

Norway’s Subsea7 has won a contract from Vår Energi worth between $150mn and $300mn to support the Goliat Gas Export project in the Barents Sea.

Hibiscus nears launch of Teal West oil project off UK

Malaysia's Hibiscus Petroleum said on May 22 its Teal West development in the UK North Sea remains on track for first oil by the middle of this year.

Borr Drilling suffers wider Q1 loss

Bermuda-based Borr Drilling reported a wider first-quarter loss after delays to the start-up of its Odin jack-up rig in the US Gulf and rig contract transitions weighed on earnings.