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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Portugal to replace Russian LNG with supply from US and Nigeria
Portugal will look to the US and Nigeria for more supply of LNG to replace purchases from Russia.
Baltic states seek expanded energy security, NATO strengthens regional presence
After a series of supposed accidents in the Baltic Sea in which undersea cables have been heavily damaged, the Baltic states and NATO have taken steps to increase surveillance in the region for the sake of safeguarding energy security.
Serbia’s NIS faces disruptions due to US sanctions
Serbia’s oil company, Naftna Industrija Srbije (NIS), is grappling with disruptions following US and UK sanctions targeting entities tied to Russia’s energy sector.
Traders divert six US LNG cargoes from Asia to Europe
Higher European prices and poor demand in Asia for LNG have resulted in traders diverting at least six US LNG cargoes already this month.
COMMENT: Trump demands Europe import more US LNG, as the EU proposes banning Russian LNG completely. Neither will happen.
US President Donald Trump wants Europe to buy more US gas or face tariffs, and ten EU member states have again called for an end to all Russian imports. Neither of these things are going to happen. Europe remains hooked on Russian gas.
Slovakia’s Fico discusses Russian gas imports via Turkstream with Erdogan
Slovakia’s populist Prime Minister Robert Fico has announced that Turkey’s Recep Tayyip Erdogan offered to deliver Russian gas via Turkstream to Slovakia.
Explosion rocks refinery in Germany's Bavaria Province
An explosion at an oil refinery in southern Germany late on January 16 injured four people and triggered a fire, according to police reports.
Six EU member states press for lower Russian oil price caps
Six EU nations have urged the European Commission to cut the $60-per-barrel price cap on Russian oil set by G7 countries.
Scottish business group slams Holyrood's position on oil and gas exploration
The Scottish Government is under mounting pressure to reverse its “presumption against” new oil and gas exploration in the North Sea, two years after unveiling its draft Energy Strategy and Just Transition Plan.
BP to slash global workforce by 5%
BP plans to cut more than 5% of its global workforce as part of a cost-reduction drive led by CEO Murray Auchincloss.
Chevron eyes exploration opportunities in Greece
US oil major Chevron is exploring opportunities to search for hydrocarbons in Greece, focusing on areas southwest of the Peloponnese peninsula and west of Crete.
Hungary, Serbia affirm strategic energy cooperation at bilateral summit in Belgrade
An agreement was reached to accelerate joint energy infrastructure investments, including doubling the capacity of an interconnector between the two countries' electricity grids by 2027 or 2028.
Slovak opposition leader Simecka meets Zelenskiy in Kyiv
Slovenia’s Petrol targets €178m net profit and €6.1bn revenue in 2025
Slovenian energy company Petrol Group has announced ambitious targets for 2025, aiming for a net profit of €178mn and sales revenues of €6.1bn.
Serbia and Azerbaijan discuss strategic gas power plant project in Nis
Serbia and Azerbaijan are in talks to develop a gas power plant in Nis, Serbia.
Estonia mulling €100mn oil shale explosives plant
Bosnian Federation adopts much delayed southern gas interconnection law
The House of Peoples of Bosnia & Herzegovina’s Muslim-Croat Federation adopted on January 16 a law for the construction of southern gas interconnector, paving the way for the country’s energy independence from Russia.
Serbia and Hungary to fast-track oil pipeline construction amid US sanctions
Serbia and Hungary are set to accelerate the construction of a new oil pipeline connecting the two countries, following the latest round of U.S. sanctions aimed at reducing Russia's energy revenues.
Romania to screen takeover of E.ON subsidiary by Hungary’s MVM amid alleged security risks
The Romanian Ministry of Energy has notified the FDI Review Commission (CEISD) regarding the transaction through which Hungary’s state-owned MVM intends to acquire the energy supply company E.ON Romania.
US Department of Energy predicts 8% slide in Brent price in 2025
The US Department of Energy expects Brent crude oil prices to decline to an average of $74 per barrel in 2025, an 8% drop from 2024 levels.
Serbia will not nationalise NIS, president says
Serbia will not nationalise NIS, despite recent U.S. sanctions targeting entities linked to Russia’s energy sector.
Serbia's NIS says operations largely unaffected by US sanctions
Serbian oil company Naftna Industrija Srbije (NIS) has assured stakeholders that its operations remain largely unaffected following US sanctions announced on January 10.
Belgrade Stock Exchange suspends trading of NIS shares
The Belgrade Stock Exchange has temporarily suspended trading in shares of the Serbian Oil Industry (NIS), effective until January 28, 2025, citing potential market disruptions following US sanctions imposed on the company.
Russia and Serbia to begin consultations on US sanctions on NIS
Russia has requested urgent consultations with Serbia following the imposition of US sanctions on Serbia’s oil industry.
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