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 H1 net profit drops 21% on weaker performance across all segments
Romanian energy company OMV Petrom (BVB: SNP) reported a 21% y/y fall in net profit to RON 2.1bn (€420mn) for the first half of 2025, citing lower results in all business segments.
Czech Republic receives contaminated Azeri oil shipment
Czech authorities are investigating the delivery of a cargo of Azeri crude oil found to contain excessive levels of organic chlorides, raising concerns over potential refinery damage and disruptions to supply.
Eni expects low-carbon profits to match oil and gas income by early 2030s
Italian energy major Eni expects profits from its low-carbon operations to match those from its traditional oil and gas business by the early 2030s.
EU stuck between dependency on US LNG and Chinese green tech
The EU is facing a growing dilemma in its energy policy as it seeks to balance strategic dependence on imported US LNG with its increasing reliance on Chinese clean energy technologies.
Trump urges UK to drill for more oil
Former US President Donald Trump has called on the UK to boost oil and gas drilling in the North Sea, arguing that existing windfall taxes and environmental regulations are deterring investment and undermining energy security.
EU mulls further joint gas procurement
The European Commission is considering reviving a joint gas procurement mechanism to help member states secure long-term LNG volumes from the US more effectively.
Shell earning take hit in Q2
Shell reported a sharp drop in second-quarter profit on July 31, as lower oil and gas prices, coupled with subdued trading activity, weighed on the energy major’s performance.
Serbia’s NIS to exit Bulgaria as sanctions pressure mounts
Serbia’s state-controlled oil and gas company, Naftna Industrija Srbije (NIS), has approved the sale of its Bulgarian subsidiary as it struggles to navigate the impact of international sanctions.
Turkey proposes new oil agreement to Iraq worth $40bn in revenues
Turkish Energy and Natural Resources Minister Alp Arslan Bayraktar announced that a draft of a new agreement on the crude oil pipeline between Iraq and Turkey has been sent to the Iraqi side.
Energean, INA take final investment decision on Irena gas field offshore Croatia
Eastern Mediterranean-focused oil and gas producer Energean and Croatian energy group INA have taken a final investment decision to develop the Irena gas field in the Adriatic Sea.
Serbia’s NIS reports H1 loss as sanctions loom
Serbia’s oil company NIS reported a net loss of nearly €31mn in the first half of 2025, as the company struggled with global economic headwinds and the looming threat of US sanctions.
US LNG stocks rise after EU commits to buy $750 billion of US energy exports
Stocks of the US’s largest LNG producers rose in trading following the announcement of a framework trade agreement that will see the European Union buy $750 billion of US LNG, crude oil, and coal exports over the next three years.
Serbia secures fifth postponement of US sanctions on NIS
While the latest delay avoids an immediate energy crisis, Belgrade continues to seek a more durable resolution to the sanctions standoff.
US to delay sanctions on Serbia for fifth time
Belgrade seeks longer-term solution as refinery exemption extended for fifth time.
Croatia’s INA signs €170mn loan deal with domestic banks
Croatian energy company INA-Industrija nafte (INA) has signed a €170mn long-term loan agreement with a consortium of four leading domestic banks to support its strategic and green investment plans.
Russian LPG exports prove robust despite EU restrictions
China’s role as a key buyer is growing, and current estimates may understate the actual volume.
Qatar warns EU it could halt LNG shipments if bloc doesn’t change law
Qatar finds itself in a battle with EU lawmakers desperately seeking to pair back a due diligence law to avoid a massive fine.
Serbia seeks 180-day extension of US sanctions waiver for NIS
Belgrade has argued that sanctions on NIS would jeopardise energy supply across the Balkans and worsen Serbia's economic outlook.
Much touted billion-euro Estonian methanol plant project scrapped
A planned billion-euro methanol plant in Estonia’s Parnu has been scrapped, after Dutch company Power2X unexpectedly pulled the plug on the project without explanation.
Uzbekistan to sign oil exploration deal with Azerbaijan's Socar for Ustyurt plateau
Uzbekistan is set to sign a production-sharing agreement with the State Oil Company of the Azerbaijan Republic (Socar) for joint oil exploration and production on Ustyurt plateau.
Hungary holds trilateral talks on construction of new oil pipeline to Serbia with Russia
Hungary and Serbia are moving ahead with plans to build a new cross-border oil pipeline that could transport up to 5mn tonnes per year of crude, as both countries deepen energy ties with Russia despite EU sanctions.
Azerbaijan’s Socar reportedly considering sale of Aegean Sea container port in Turkey
Azerbaijan’s national oil company Socar is mulling a sale of its port unit in Turkey, Bloomberg reported on July 22.
OMV Petrom and Romgaz launch €750mn infrastructure works for Neptun Deep offshore gas project
OMV Petrom (BVB: SNP) and Romgaz (BVB: SNG) are going to commence infrastructure investments worth €750mn for the Neptun Deep offshore natural gas project in the Black Sea, following the issuance of an authorisation.
OMV Petrom and NewMed Energy sign offshore drillship contract for Bulgarian Black Sea exploration
OMV Petrom and NewMed Energy Balkan have awarded to Noble Corporation a contract for offshore drilling operations in Bulgaria’s Black Sea waters.
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