EurOil - Europe Oil & Gas

Panama revokes 128 ship registrations in crackdown on Russia and Iran’s shadow fleet

Panama has intensified its crackdown on sanctioned vessels by revoking the registration of 128 ships, a move primarily targeting the "shadow fleet" facilitating oil exports from Russia and Iran.

Czechia among countries most contributing to 18% spike in Russian gas imports to EU

Serbia expects another delay to US sanctions on NIS

Serbia anticipates another delay in the application of US sanctions on the Oil Industry of Serbia (NIS), with a top energy official suggesting the postponement would last another 30 days.

Lithuanian government commits €54mn for Orlen plant upgrade

The Lithuanian government will provide up to €54mn in state aid to Orlen Lietuva, part of Poland’s energy group Orlen, to help with its €640mn upgrade of the Mazeikiai-based refinery.

Hungary to expand energy cooperation with Russia, foreign minister says in live stream from Red Square

Hungary views the operations of its oil company MOL in Russia as highly successful and expects further expansion, Foreign Minister Peter Szijjarto said during his visit to Moscow.

US tariffs on Venezuelan oil put China, India, Spain in spotlight

Washington’s move to impose 25% secondary tariffs on nations purchasing Venezuelan oil and gas has drawn sharp reactions, particularly from China, the top buyer of the South American country’s crude.

Spain signals retaliation if US tariffs on Venezuelan oil harm its economy

The Spanish government issued a strong warning on March 25 stating it will take action if newly proposed US tariffs on Venezuelan oil negatively impact Spain's economy

Serbian government sends letter to US asking to delay sanctions on NIS

The Serbian government has sent a letter to the US administration supporting a request by the Oil Industry of Serbia (NIS) for a delay in the implementation of US sanctions, which were imposed due to the company’s significant Russian ownership.

UK could produce half of oil and gas it needs by 2050 under right conditions: OEUK

The UK could supply half of its projected oil and gas demand by 2050 through domestic production if investment conditions improve.

Norwegian oil output falls 2.6% in February

Norwegian oil and condensate production dropped 2.6% month on month in February to 1.943mn barrels per day.

Serica, Dana weigh up options for underperforming Triton FPSO off UK

UK-based oil producer Serica Energy reported on March 19 that the Triton floating production storage and offloading unit is not expected to resume operations before May this year.

Equinor scales back climate ambitions

Norway’s Equinor has scaled back its energy transition ambitions as it faces mounting challenges in meeting renewable investment targets, blaming rising costs, supply chain issues and changing political priorities.

Energean calls off $945mn East Med sale to Carlyle

The transaction, announced in June 2023, was intended to support Carlyle’s launch of a new Mediterranean-focused oil and gas company.

TotalEnergies eyes Brazilian green hydrogen for European refineries

French energy major TotalEnergies is considering importing green hydrogen from northeastern Brazil to supply its European refineries, according to sources familiar with the matter.

Shell raises shareholder rewards, keeps focus on oil and gas

Shell announced on March 25 it would raise its shareholder distribution target and deepened cost-cutting ambitions.

OMV launches new chemical recycling facility in Austria

Austria’s OMV has commissioned a new chemical recycling facility at its Schwechat refinery, aimed at converting difficult-to-recycle plastics into circular feedstocks using its proprietary ReOil technology.

OPEC+ announces new cuts to balance out higher output

OPEC+ has unveiled a fresh strategy to enforce additional production cuts, aimed at counterbalancing an uptick in output among its member nations.

European gas prices ease on milder weather, US-Russia ceasefire talks

European wholesale gas prices declined on the morning of March 24 amid mild weather forecasts and as US and Russian officials began talks in Saudi Arabia aimed at securing a broader ceasefire in Ukraine.

Turkey’s TPAO partners with US firms to boost oil and gas output

Turkey’s national oil company TPAO has formed a joint venture partnership with US independent oil and gas companies Continental Resources and TransAtlantic Petroleum with the intent to develop shale oil resources.

EU sanctions to hit Russian LNG exports to China

The EU’s upcoming ban on the transshipment of Russian LNG at EU ports is expected to disrupt winter deliveries from Russia’s Yamal LNG terminal to China and other Asian markets.

NYSE-listed Apollo to pay $1bn for 25% of BP unit that operates Azerbaijan to Turkey TANAP gas pipeline

BP and NYSE-listed alternative asset manager Apollo on March 21 announced that they have struck agreements for Apollo-managed funds to purchase a 25% non-controlling stake in BP Pipelines (TANAP).

A turbulent 2025 in store for European gas markets

This is going to be a turbulent year for European gas prices. If the war continues and the EU sticks to its “no more Russian energy” guns then prices could soar in a repeat of the 2022 energy crisis.

Germany seeks to sub-charter floating LNG terminals amid contract disputes

Germany’s economy ministry is gauging interest in its excess floating LNG terminals as it considers sub-chartering the ships as they sit idle following two contract cancellations.

Hungary receives two-month exemption for paying for Russian gas

The US government has extended Hungary’s exemption from sanctions when paying for Russian gas to Gazprombank until May, ensuring continued secure natural gas supply, Hungarian Foreign Minister Peter Szijjarto announced in Ankara.

Slovenian government proposes three new members for Energy Agency Council

The Slovenian government has put forward on March 20 three candidates for appointment to the Energy Agency Council, aiming to restore stability to the regulatory body.